L&G backs Glenbrook BTR in Leeds’s biggest ever funding

Legal & General is to fund Glenbrook’s £140m build to rent (BTR) residential development at Whitehall Riverside in Leeds.

The project will provide 500 new homes and the deal is L&G’s third such funding in the city. Completion expected in April 2026.

All of the apartments are designed for rental occupancy and the development comprises a mix of one, twp and three-bed flats with facilities including a concierge, lobby, gym, podium gardens and terraces. The project, which is located on the banks of the river Aire, will also have ground floor retail and 60 parking spaces.

Glenbrook director Ian Sherry said: “To have secured the largest funding deal Leeds has seen, against such challenging economic conditions, demonstrates the strength of the investment proposition we have created here at Whitehall Riverside. This will be a best-in-class residential scheme on one of the most prominent sites and locations in the city.”

The project is part of a wider masterplan for Whitehall Riverside and is intended to act as a catalyst for the creation of a new mixed-use riverside destination. The project’s location is also intended to ensure that residents benefit from diverse and growing employment opportunities, as well as the city’s cultural destinations, local amenities, and strong transport links.

The impact of the Whitehall Riverside scheme on the environment and local community has been prioritised in design proposals and the development has been designed to achieve BREEAM excellent and HQM level 4 certifications. The aim is to make the project operationally net zero carbon by 2030.

The investment follows L&G’s acquisition of the Mustard Wharf BTR site in 2017 and Tower Works in 2021, both of which are in Legal & General Investment Management’s Build to Rent Fund.

“The BTR sector has continued to see substantial and sustained growth in recent years, as investors continue to be attracted by burgeoning demand for high quality rental property in the UK,” said Adam Burney, head of annuity BTR at Legal & General Investment Management Real Assets. “We’re pleased the asset class has proven resilient through recent macro-economic pressures – this latest scheme reaffirms our confidence in the market, as well as the growth prospects of city centres like Leeds.”

L&G was advised by Savills and Glenbrook were advised by CBRE.