New Acres Wandsworth a 480 new Build to Rent homes in London is to be constructed by Vistry Partnerships who have been awarded the £128 million contract by LGIM Real Assets (Legal & General). The site is located at its New Acres development on a former Homebase site in Wandsworth. LGIM recently announced that it had secured a £270 million green debt facility from HSBC, NatWest, and Standard Chartered.
The New Acres development will include over 15,000 square feet of mixed-use space, spread across five new buildings, with retail, office, and community uses. The redevelopment will significantly improve the local area and existing public realm by adding new play areas and communal spaces, as well as new landscaping and a civic square outside Wandsworth Town station’s proposed new station entrance. Construction is currently underway, with a competition scheduled for Spring 2024. Hawkins Brown is the new scheme’s executive architect.
The LGIM’s 480 new Build to Rent homes in London
“New Acres, Wandsworth, will be a flagship Build to Rent development in the UK,” said Dan Batterton, Head of Residential, LGIM Real Assets (Legal & General). From repurposing underutilized retail space to bringing high-quality Build to Rent homes, the scheme will be focused on lifestyle and resident satisfaction, higher design, service, and asset management standards, operational efficiency, and long-term sustainability. This is a significant urban regeneration project that will provide much-needed new homes while also repurposing brownfield sites.
“We are pleased to be extending our partnership with Vistry Partnerships in order to bring New Acres, South to fruition, and we look forward to the project’s successful completion in Spring 2024.” Wandsworth Town railway station, main railway lines into London Waterloo Station, and a dual carriageway surround the brownfield location, posing several regeneration challenges.
The proposals are intended to complement Legal & General’s New Acres, Wandsworth masterplan, which will redevelop the former Homebase and B&Q locations. The sites are part of one of Legal & General’s five Build to Rent schemes in London, which will deliver over 1,000 homes, with 35% of them affordable, as well as over 60,000 square feet of commercial space. The Homebase site broadens Vistry Partnerships‘ and Legal & General’s collaborative platform, making it Vistry Partnerships’ second project for Legal & General in London and the third nationally.