L&G appoints LRG to oversee Buckler’s Park BTR

LRG is appointed to oversee Legal & General’s substantial suburban Build to Rent scheme at Buckler’s Park in Berkshire.

Buckler’s Park in Berkshire. Legal & General has appointed LRG to oversee the Build to Rent homes | BTR News
Buckler’s Park in Berkshire. Legal & General has appointed LRG to oversee the Build to Rent homes.

National property services group Leaders Romans Group (LRG) has been instructed by Legal & General’s suburban Build To Rent team to jointly manage and maintain over 100 Build to Rent units at Buckler’s Park near Wokingham.

Buckler’s Park is a new community of contemporary-styled homes in the Berkshire countryside adjoining LRG’s headquarters, Crowthorne House. The homes are situated in over 100 acres of natural space and adjacent to a new country park.

“We are delighted to be working on this new community, which represents the Build to Rent suburban community principles coming into fruition. I especially look forward to working with L&G SBTR as a partner who has the same high standards in ESG Leaders Romans Group – as both organisations plan to operate at net zero by 2030.”

Sue Winterbourne, Corporate Business Success Director, LRG

Buckler’s Park is being built by Cala Homes. Legal & General and Cala Homes agreed on the exchange of the Build to Rent homes earlier this year – and is the first forward funding transaction between the two companies, which are both owned by Legal & General Capital.

Buckler’s Park will deliver a new sustainable mixed-used community similar to the Build to Rent suburban community defined in LRG’s recent white paper, BTR suburban communities: the next stage in the evolution of Build to Rent.

“We are very pleased to have been appointed to manage this significant number of Build to Rent units. Investment in Build to Rent reached record levels during 2022 and it is no coincidence that this has occurred as Build to Rent expands beyond traditional city apartment units into communities such as this. Despite the threat of a recession, the Build to Rent market is set to grow substantially, as the cost-of-living crisis and rising mortgage rates potentially deter would-be first time buyers from stepping on to the property ladder.

“And Build to Rent suburban communities have evolved to meet growing demand. In contrast to traditional Build to Rent, this new iteration focuses on suburban rather than city locations, families rather than young professionals, houses rather than apartments, and typically offers shared outdoor spaces in place of indoor co-living. The Build to Rent suburban communities model translates the hugely popular values of traditional Build to Rent into a new context.”

Andy Jones, Group Director Corporate & BTR, LRG

As a Group, Legal & General has a strong track record within the Build to Rent sector. Having launched its Build to Rent Fund in 2017, Legal & General currently has over 5,500 homes in operation or development across the UK’s major towns and cities.

Under 1% of the suburban Build to Rent market has benefitted from patient capital compared to c. 6% for the urban sector. Legal & General – recognising this untapped potential and the societal need for high quality family homes to rent – is at the forefront of institutionalising the suburban rental sector through its L&G SBTR business.