L&G launches rent-free shops at London BTR scheme

Legal & General will make 25 shops rent-free for a year for independent brands at New Acres, its 1,000-home build-to-rent scheme in Wandsworth, London. The group hopes the move will promote entrepreneurship and independent businesses in the area, with each business receiving a three-year starter rental package, featuring performance-based rents, marketing support and “white box” space for easy customisation and branding. Following the first year, tenants can opt for flexible turnover-based rent. The shops are open to brands spanning hospitality, wellness and retail. L&G has assembled a “curation team” instead of using leasing agents, including professionals and businesses experienced in innovative retail, start-ups, design, curation, digital marketing and editorial. The independent brands will be announced in December, with the first retailers opening their stores in spring 2025. Denz Ibrahim, head of futuring and place at L&G Asset Management, said: “By designing transformative and innovative placemaking solutions for mixed-use real estate environments, we can truly deliver consumer centric and resilient assets. The high street is challenged – we’re seeing increasing vacant units and dwindling footfall across the country. However, we know there is an alternative way to tackle this and to deliver transformed spaces. “New Acres represents the opportunity to deliver the first new build, independent-led neighbourhood; investing in the local community and helping fledgling independents grow into flourishing businesses. Our capital city is brimming with talent and entrepreneurial spirit, it just needs the resource and support to catapult SMEs into success.” Photo courtesy of SEC Newgate