UK: Legal & General Investment Management (LGIM) and Glenbrook have announced the funding of a 500-unit BTR development at Whitehall Riverside in Leeds.
The £140 million development will comprise two blocks of 16 and 19 storeys featuring a mix of one-, two- and three-bedroom apartments, and will include resident facilities such as a concierge, lobby, gym, podium gardens and terraces.
It will be the third scheme funded by L&G in the City and, upon practical completion, will bring the number of new rental homes it has supported in Leeds to more than 1,000. The investment follows L&G’s acquisition of the Mustard Wharf BTR site in 2017 and Tower Works in 2021 – both of which sit within Legal & General Investment Management‘s (LGIM) Build to Rent Fund.
The development has been designed to achieve BREEAM “Excellent” and HQM (Home Quality Mark) Level 4, as well as an ambition to be operationally net zero carbon by 2030. Public realm and landscaping proposals include a new riverside green and the planting of more than 100 trees.
Completion of the scheme is expected in April 2026.
Adam Burney, head of annuity BTR at Legal & General Investment Management Real Assets, said: “The BTR sector has continued to see substantial and sustained growth in recent years, as investors continue to be attracted by burgeoning demand for high quality rental property in the UK. We’re pleased the asset class has proven resilient through recent macro-economic pressures – this latest scheme reaffirms our confidence in the market, as well as the growth prospects of city centres like Leeds.”
“The Whitehall Riverside development has been designed with a focus on lifestyle and resident satisfaction, aiming to ensure quality, operational efficiency, and long-term environmental sustainability that meet the needs and aspirations of residents. As a major investor in UK real estate, we remain committed to levelling up the UK by ensuring communities across the country have adequate access to employment, infrastructure and housing, seeking to make policy objectives a reality,” he added.
Ian Sherry, director at Glenbrook, said: “To have secured the largest funding deal Leeds has seen, against such challenging economic conditions, demonstrates the strength of the investment proposition we have created here at Whitehall Riverside. This will be a best-in-class residential scheme on one of the most prominent sites and locations in the city.
“Working with our trusted partners, Glenbrook is at the forefront of the UK’s BTR drive, delivering exceptional schemes which meet residents’ evolving needs. L&G’s continued commitment to both Leeds and to Whitehall Riverside is a further demonstration of their belief in the quality of the scheme, the City’s residential market and acknowledges the clear demand for well-managed, highly sustainable, purpose-built accommodation,” he added.
