L&G puts Manchester BTR scheme up for sale

Legal & General has puts its Slate Yard build-to-rent development in Manchester – its first BTR scheme – on sale for £110m. Knight Frank is marketing the three-building, 424-home site, which is in the £1bn New Bailey regeneration area and was completed in 2020. Flats in the scheme range from one to three bedrooms, while amenities include a gym, co-working spaces and a 24/7 concierge service. Nearby corporate tenants include BT, Freshfields Bruckhaus Deringer and Eversheds Sutherland. Lloyd Wraith, a partner in the residential investment team at Knight Frank, said: “Access to stabilised investments of this quality and scale is limited and we are excited to bring this exceptional residential investment opportunity to market.” Dan Batterton, head of residential at Legal & General’s asset management division, said: “Given the successful delivery of The Slate Yard, we are now in a position to bring the asset to market and identify new opportunities for investment. “We look forward to re-deploying this capital back into the sector, as we continue to underpin L&G’s commitment to unlocking more homes across the UK.” Check out occupational sale comparables in Manchester >> Image © The Slate Yard