We are delighted to announce that LRG has been instructed by Legal & General’s Suburban Build To Rent team to jointly manage and maintain over 100 Build to Rent (BTR) units at Buckler’s Park near Wokingham.
Buckler's Park, which is being built out by Cala Homes, is a new community of contemporary-styled homes in the Berkshire countryside adjoining LRG’s headquarters, Crowthorne House. The homes are situated in over 100 acres of natural space and adjacent to a new country park.
Buckler’s Park offers a sustainable new mixed-used community similar to the BTR suburban community defined in LRG’s recent BTR white paper, BTR suburban communities: the next stage in the evolution of Build to Rent.
Andy Jones, Group Director Corporate & BTR at LRG commented, “We are very pleased to have been appointed to manage this significant number of BTR units. Investment in BTR reached record levels during 2022 and it is no coincidence that this has occurred as BTR expands beyond traditional city apartment units into communities such as this. Despite the threat of a recession, the BTR market is set to grow substantially, as the cost-of-living crisis and rising mortgage rates potentially deter would-be first time buyers from stepping on to the property ladder.
“And BTR suburban communities have evolved to meet growing demand. In contrast to traditional BTR, this new iteration focuses on suburban rather than city locations, families rather than young professionals, houses rather than apartments, and typically offers shared outdoor spaces in place of indoor co-living. The BTR suburban communities model translates the hugely popular values of traditional BTR into a new context.”
Sue Winterbourne, Corporate Business Success Director at LRG commented, “We are delighted to be working on this new community, which represents the BTR suburban community principles coming into fruition. I especially look forward to working with L&G SBTR as a partner who has the same high standards in ESG Leaders Romans Group – as both organisations plan to operate at net zero by 2030.”
As a Group, Legal & General has a strong track record within the build-to-rent sector. Having launched its Build to Rent Fund in 2017, it now has over 5,500 homes in operation or development across the UK’s major towns and cities. The SBTR sector, however, has lacked the same concentration of investment, with less than 1% of the market having benefitted from patient capital compared to c. 6% for the urban sector. Recognising this untapped potential and the societal need for high quality family homes to rent, Legal & General is at the forefront of institutionalizing the suburban rental sector through its L&G SBTR business.