International legal practice Osborne Clarke has advised Legal & General in connection with their acquisition of land in the centre of Brighton to deliver the City’s first ever Build to Rent (BTR) development. This latest acquisition represents the seventh UK city to which it will bring its new rental offer.
Legal & General is improving standards across the rental market by delivering high quality, well managed, specifically designed accommodation in urban locations where people want to live. This new level of service will cater for all types of residents’ needs, giving greater choice. This means that families could benefit from keeping their own pets, having a community around them and the occupational security of longer, more flexible tenancies.
Occupying a strong micro location within the centre of the city, it is 200 metres from Brighton train station which offers a quick mainline service to London stations. Subject to planning approval, the site which is currently occupied as industrial space will deliver 200 homes and up to 3,000 sq m of commercial space arranged as incubator space to support start-ups and SMEs. As such it offers the same employment ratio, but would alone meet the delivery of a third of Brighton’s annual housing target.
Legal & General is a major employer in the city. It is founder of the award winning SE-Assist fund growing social enterprises in Greater Brighton and provides financial education to schools in the Sussex area with its Every Day Money Programme which last year benefitted 544 students. A strong and established growth city, Brighton is continuing to experience a vast increase in the number of young professionals moving to the City and is one of the most talented labour pools in the South East, yet there remains a shortage of homes for its residents.
Osborne Clarke’s lead client Partner David Powell, said: “The BTR market in the UK is booming. This this deal highlights the increased confidence in the sector, both on the investment side and from local authorities, who see BTR as an important element of regeneration and placemaking in key towns such as Brighton.”
The cross-sector Osborne Clarke real estate team who advised on the matter was led by Partner David Powell who was assisted by Associate Director Anastasia Gorokhova and Associate Ian Tompkins. Partner Gary Lawrenson provided Right to Light advice.
Osborne Clarke is a recognised industry leader in real estate providing a comprehensive lifecycle service and advising major real estate industry organisations, ranging from developers and investors to property funds and corporate occupiers.