A Build to Rent scheme in Salford is launching this week with tenants moving in to purpose-built rental accommodation at ‘The Slate Yard’.
The scheme is being run by Legal & General and is the firm’s first to open its doors to renters.
The 225-unit scheme is being developed in two phases. The first phase, which launches this week, comprises 90 apartments.
Tenants at The Slate Yard will benefit from a 24-7 onsite maintenance team and all-in costs – which, Legal & General says, will equate to a monthly saving of approximately £150 per apartment.
There are also a range of green initiatives, including solar panels and secure cycle storage.
Renters can choose to take tenancies ranging from six months to five years and they can also decorate their own homes and keep pets.
“Our BTR vision has now come to life,” says Dan Batterton, Build to Rent fund manager at LGIM Real Assets.
“At the Slate Yard we have been able to offer significantly reduced living costs because of economies of scale, which a private landlord just wouldn’t be able to do.”
“The improved service proposition and flexible leases has already attracted a wide range of residents. We have families, pet owners, empty nesters and young couples who have already reserved homes and are moving in this week,” he says.
Legal & General’s total investment capability for the Build to Rent (BTR) sector currently stands at circa £1 billion.
Alongside Salford, its other existing sites are located in Bristol, Bath, Leeds and Walthamstow.
Construction work for both Bath and Walthamstow is due to start this summer.