LGIM Real Assets (Legal & General) has exchanged contracts on a new Build to Rent (BTR) site in Chelmsford City Centre known as Chelmer Waterside.
The scheme forms part of a major mixed-use development in Chelmsford which will provide a landmark urban regeneration scheme for the city, comprising 421 residential apartments, associated landscaping and local retail amenities.
Matthew Jarvis, Senior Fund Manager, UK Property Fund, at LGIM Real Assets, said: “As we continue to actively diversify our holdings into more alternative sectors, Build to Rent will remain a preferred subsector alongside operational hotels, self-storage and student accommodation, giving us real time access to occupational markets with a robust rental growth story.
“Chelmsford in particular has strong location dynamics, benefitting from a 40% increase in average prices over the last 10 years, according to the UK HPI. With excellent commuter links to London, it is also set to experience notable population growth, placing further demand on housing.”
The BTR element, being developed by Taylor Wimpey in conjunction with Legal & General, comprises 104 studio, one, two and three bedroom apartments in two adjoining Freehold blocks, 10 minutes’ walk from the city centre. The site is bounded by the River Chelmer and Springfield lock, with balconies offering sought-after riverside views.
