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Legal & General has announced that its plans to develop the Longley Industrial Estate into Brighton’s first Build To Rent (BTR) scheme have been approved.Legal & General, which entered the BTR sector in 2016, now have eleven schemes in operation or development across the UK, delivering 3,700 homes for elective renters.Committed to improving standards across the rental market, Legal & General is delivering high quality, well managed and specifically designed accommodation in urban locations.As Brighton continues to attract a talented and diverse labour pool and growing student population, this new scheme will play an important role in supporting the city’s increasing housing demands. Once complete, it will provide over 200 homes for elective renters in a central location.Situated between New England Street and Elder Place, 200 metres from Brighton train station, the development will also deliver 3,270 sq m of commercial space, to accommodate either a single occupier or arranged as incubator space to support start-ups and SMEs.As part of the overall plans, a £746,000 contribution is being made towards the enhancement of the public realm along Elder Place.Dan Batterton, Head of Build To Rent at LGIM Real Assets, said: “Brighton is an ever growing city where people want to live and work. As a major employer in the area, we are delighted to have received permission to begin developing this scheme, transforming a rare warehouse brownfield site into a vibrant new place whilst helping to tackle Brighton’s shortage of housing.“The UK needs urban centres that are fit for purpose and can support a creative and sustainable community like Brighton. We are pleased to be bringing the BTR concept to the city, demonstrating that renting can be an aspirational choice and supporting the workforce with the quality homes they deserve.”SEE ALSO - The big bad ass Brexit brief for landlordsUP NEXT - Holiday Lets in Central BrightonDON'T MISS - Institutional investors set to revolutionise private rental sectorNOW WATCH:
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Lets hope they soar in price
Great place to be is Brighton,Born and Bred !
"Committed to improving standards across the rental market, Legal & General is delivering high quality, well managed and specifically designed accommodation in urban locations" good idea but should read " As we are unable to obtain suitable returns for your investments we have gone into the rental market and can increase rental returns over time and earn management fess at the same time. Thereby getting a double gain on your investments. At the same time make more profits for ourselves. Thats the agenda as I bet most rents will be the maximum they can charge under the buy to rent rules. W
Are there Govt. or council provided figures for these BTR maximum values you know of Douglas? I'd be interested to see as I know of a few local BTR developments and they're charging high local rents, for professional renters, not LHA or equivalent.
The government should be doing this under a national housing association dept. and replacing the countries housing stock that the idiots sold off under Thatcher. This way even the lower paid can have decent homes to live in and not just those who can afford the large rents needed to support such private investment schemes. It still does not fix fundamental problem of homes for all at affordable rents according to their incomes. Provide stable housing is a major benefit for the good of all - as said before live in decent homes and you do not riot and cause mayhem in your own back yard.
Accommodation for 4110 students is also in the plan for Brighton with accommodation for 3861 students currently under construction - a majority just a few hundred metres from the L & G scheme
By contrast, 684 affordable flats were constructed in the city last year.
And last time I checked Brighton had some 16,000 households on Council Housing waiting lists - may be more now.
The 2 bed HA rate as usual seems to be around 25% below the average rent of around £1200 pcm in Brighton&Hove
As of the last count on the 6th August 2018 there were 15,111 families on the Brighton & Hove housing waiting list with 4,042 families waiting for over 7 years.
One poor family has been waiting in sheltered accommodation for over 27 years!!
Come on L & G fill your boots- plenty of potential tenants just lining up
Agreed - plenty of tenants - but not tenants who can afford the level of rents which I am sure L&G want to give investors a good return. That being net outcome of 40 plus yrs of needs based tenancy allocation of social housing.
There is only one short/medium term solution to housing crisis - an immediate big increase in LHA rates - at least back to the initial system of 50th percentile with monthly revaluations.
That would allow families to live where they choose (within reason - ie not in London) rather than Council/Govt telling poorer families they have to vacate SE altogether unless they want to share accommodation with other families.
Longer term there is clearly a need for cheaper subsidised housing for the poor - but that takes decades to provide in large enough volumes to eradicate waiting lists.
That said with some 365,000 pa voids in SRS - it begs question as to why the circa 1.1 million households on waiting lists have not snapped up those voids over say past 3 or 4 yrs and closed down the waiting lists - too picky on location maybe?
I stand to be corrected but was LHA not introduced at the 30th percentile, but was bumped up by Gordon Brown in the run upto the 2010 election as a vote buyer, then dropped back by the conservatives.
Round here that jump in LHA alone bumped up the value of the bottom end of the BTL market.
Introduction of LHA in April 2008 was at 50th percentile with monthly revaluations based on actual local market rents - then cut in 2012 to 30th percentile and largely frozen since then - hence today in London/SE fails to fully cover self contained rentals.
From 2013 there was an official disconnect from any further revaluing of LHA in relation to actual rents.
Reverting to original 50th percentile could though have a downside whereby those living in deprived locations across UK would see London/SE as a magnet for better paid jobs - as there is no need for any "local connection" for LHA claimants as there is with many social lettings.