A HOUSING developer have announced the sale of over 140 homes to a rental company in Coventry.
Vistry Group, announced the sale of 147 single-family homes to Legal and General’s Suburban Build-to-Rent platform (LGSBTR).
The £40million transaction marks Legal and General’s first entry into the West Midlands market, bringing much-needed rental housing to Coventry.
The homes, located in the Keresley suburb of northern Coventry, are part of a larger development where Vistry plans to build 550 family homes across two sites.
This acquisition by Legal and General SBTR is intended to provide long-term rental options for families, enhancing the availability of high-quality, stable rental housing in the region.
David Reid, managing director of Legal and General SBTR, said: “To meet the UK’s ongoing housing demands, we need quality homes of all tenures for every kind of household.
“Legal and General SBTR aims to meet the UK’s diverse housing needs by working with leading development partners like Vistry to scale up delivery of new, high-quality family homes across the UK.”
Positioned within a Sustainable Urban Extension opposite an area of ancient woodland, the site will offer residents access to nature, open spaces, schools, retail outlets, and healthcare services.
Adam Sharpe, managing director at Vistry Group, said: “We are excited to have secured final planning consents and agreed this deal with Legal and General.
“There is a significant need for new, high-quality housing across multiple tenures in this area, and this is a major step forward in meeting that demand.”
As part of the development’s first phase, around £8million in planning contributions will be invested in the local community, enhancing education, healthcare, highways, biodiversity, and parks.
The project aligns with Legal and General’s broader sustainability goals, with LGSBTR committed to delivering net-zero carbon emissions across all new homes by 2030.
The platform has established a Healthy Communities Committee to incorporate insights from the NHS Healthy New Towns programme, ensuring that the homes and communities foster health and wellbeing.
