Legal & General has announced the completion of New Acres, one of the UK’s largest purpose-built rental developments, which will house up to 1,500 residents in 1034 homes across 18 buildings and over 50,000 sq ft of commercial space.

The sites are located on either side of Swandon Way, Wandsworth and adjacent to Wandsworth Town station. They include amenities for residents, workspaces, commercial opportunities at street level, as well as substantial public realm, including a new station square.

Dan Batterton, Head of Residential, Private Markets, L&G Asset Management, said: “We’re very excited to reach this milestone at our New Acres scheme. This has been in development since 2019, and it is a significant step to help address an enduring national housing crisis and clear imbalance of supply and demand in our local communities.

“We believe greater investment to deliver new homes is needed, therefore, the BTR sector plays a vital role in providing net-additional homes that wouldn’t otherwise exist. We aim to maximise our social outcomes, bring renewed life to neighbourhoods, and re-think the mixed use of real estate environments, all whilst offering long-term rental growth potential and income security for investors.”

Through the creation of a BTR asset class, L&G is looking to use its sources of long-term capital to help address the chronic lack of housing supply and meet the increasing demand for sustainable, quality rental accommodation.