Vistry Partnerships secures LGIM contract for New Acres BTR

Vistry Partnerships secures a £128m contract from LGIM for New Acres, its Build to Rent development in Wandsworth, London.

CGI of the New Acres scheme in Wandsworth - on the former Homebase site - LGIM | Vistry Partnerships | BTR News
CGI of the New Acres scheme in Wandsworth.

Regeneration business Vistry Partnerships has secured a £128m contract from LGIM Real Assets (Legal & General) to construct 480 new Build to Rent homes at its New Acres development on a former Homebase site in Wandsworth, London. The announcement follows LGIM’s recent news that it secured a £270m green debt facility from HSBC, NatWest and Standard Chartered.

Constructed over five new buildings, the New Acres development will also create over 15,000 sq ft of mixed-use space – with retail, office and community uses. The redevelopment will significantly improve the local area and existing public realm, providing new play areas and communal spaces, alongside new landscaping and a civic square outside a proposed new station entrance to Wandsworth Town station. Construction is underway and competition is planned for Spring 2024. The executive architect for the new scheme is Hawkins Brown.

“New Acres, Wandsworth, will be a flagship Build to Rent development in the UK. From taking under-utilised retail space to bringing high-quality Build to Rent homes – the scheme will be centred around lifestyle and resident satisfaction, higher standards of design, service and asset management, as well as operational efficiency and long-term sustainability. This is a significant urban regeneration project, delivering much needed new homes and bringing brownfield sites back into effective use.  

“We are delighted to be continuing the relationship already formed with Vistry Partnerships to deliver New Acres, South and look forward to the successful completion of the scheme in Spring 2024.”

Dan Batterton, Head of Residential, LGIM Real Assets (Legal & General)

The brownfield site presents a range of regeneration challenges; it is bordered by Wandsworth Town railway station, main railway lines into London Waterloo Station, and a dual carriageway.

The proposals have been designed to support Legal & General’s New Acres, Wandsworth masterplan which will transform the former Homebase and B&Q sites. The sites are one of Legal & General’s five Build to Rent schemes in London which will deliver over 1,000 homes, 35% of which will be affordable, as well as over 60,000 sq ft of commercial space.

The Homebase site extends the platform of work between Vistry Partnerships and Legal & General – making it the second scheme delivered by Vistry Partnerships for Legal & General in London and the third nationally.

“This significant, mixed-use project will play an important role in providing additional housing choice for the local community. The Build to Rent sector has a key role to play combatting the nation’s housing crisis, particularly in larger towns and cities, and Legal & General’s Wandsworth combined site will make a major contribution.

“We have established an excellent partnership with Legal & General, creating high quality homes for rent at our previous schemes in Walthamstow and Bristol, and we are looking forward to delivering this exciting new project in Wandsworth.”

Stephen Teagle, Chief Executive, Vistry Partnerships