L&G appoints operational partner to deliver first BTR scheme
LGIM Real Assets has appointed urban bubble, the residential property managing agent, to help deliver a new standard of service to the UK rental market. L&G’s first build-to-rent (BTR) scheme, The Slate Yard in Salford opens in early summer 2017.
Earlier this month, Government’s Housing White Paper recognised the key role that BTR can play in helping to solve the housing crisis. The current UK rental market has not provided its residents with acceptable renting standards across the board. Many renters find themselves at the mercy of expensive moving fees, unresponsive managers, and private landlords who often want to minimise upkeep costs and maximise rents. It is important that renters get access to high quality, well managed accommodation, specifically designed for the rental market in urban locations that they want to live.
Legal & General, with urbanbubble, is looking to pioneer a new service proposition with a move away from this traditional renting model, so that renting can become an active choice for the market.
Improved service proposition:
- The service will offer its residents a lifestyle that they would otherwise not have access to, even if they owned their own home. This includes a car club and free Wifi.
- Tailored offering: We want our residents to consider they are renting their home, not someone else’s, so you can decorate, you can keep pets and you can add bespoke services such as housekeeping, dry cleaning or ironing service.
- Longer and more flexible tenancies, which means greater occupational security.
- Reduced moving costs, no letting fees and a more transparent deposit process.
- Proactive maintenance. This means an onsite team who can respond to your need in minutes and hours not weeks and months.
- Staff trained by customer services experts who are on site 24-7 as opposed to an absent landlord.
urbanbubble will be delivering this new service offer at LGIM Real Assets’ 225 unit scheme in New Bailey in Salford, The Slate Yard, which will welcome residents in early Summer 2017.
Legal & General, through Legal & General Capital and LGIM Real Assets, entered the BTR market in 2016, in partnership with PGGM. Legal & General now has a circa £1 billion fund to invest and build new large scale rental development properties and has over 1,000 build to rent homes under construction or in planning. As well as Salford, Legal & General has BTR properties going up in Bristol, Salford and Walthamstow.
Dan Batterton, BTR Fund Manager, LGIM Real Assets said: “The UK rental landscape has changed in recent years with greater numbers of people renting, but with varied experiences. We can create healthy competition and improve standards across the rental market with higher, more transparent and consistent levels of service offered by institutional-backed operators. urbanbubble shares our vision of wanting to deliver a new standard of service to this market so we can provide homes for each individual rather than a one-size-fits-all flat to rent.
“This new level of service will allow for all types of tenants’ needs and give them choice. This means that families can benefit from keeping their own pets, having a community around them, and occupational security from flexible tenancies. This new standard will help make renting an active choice for all UK residents.”
Michael Howard, Managing Director of urbanbubble added: “I am thrilled with the partnership with LGIM Real Assets and urbanbubble, especially with the inaugural BTR scheme, The Slate Yard, being right here in the North West. I have been a vocal advocate of Build to Rent since 2011 as it fixes what I believe is a broken market where the customer has limited choice or power on the standard of service. We are so excited at the brief from LGIM which fits naturally with our own vision and culture and we can’t wait to launch The Slate Yard and share the experience a BTR scheme can provide for its customers.”
Tina Clinton, Head of PRS at urbanbubble, added: “We share the same values and passion as Legal & General to make our cities a better place to live. Together we are committed to providing communities which our customers are proud to call their home, providing security of tenure, whilst remaining flexible to meet their every need.
“Since our conception back in 2008, urbanbubble has always had one core principle which was to place our customers are at the heart of everything we do. Our promise for the private rental market is one of aspirational living, within a community where people are genuinely cared for and first-class facilities and homes are provided.
“The first scheme is due to launch off-plan towards the end of March 2017. The urbanbubble team looks forward to working closely with L&G on this unique, proposition, engaging with our new customers and is excited to deliver a market leading service.”