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Legal & General (L&G) has exchanged contracts with the NHS to acquire a six-acre former hospital site in Lambeth to deliver a build-to-rent (BTR) scheme with a gross development value of £350m.
L&G, Nest and PGGM’s plans for Lambeth Hospital redevelopment scheme
The acquisition was made for an undisclosed sum via the Access Development Partnership, L&G’s joint venture with PGGM and Nest. Subject to approval, plans will see the construction of 700 new homes, including a mixture of private and affordable units.
Proposals also include a range of amenities such as new co‑working areas, a residents’ lounge and a gym. The development will be managed by L&G upon completion.
In a bid to improve the scheme’s sustainability credentials, the buildings will be all-electric, with new green spaces and improved travel connections as well.
This marks L&G’s second transaction in partnership with Nest and PGGM, following the acquisition of an F1 brownfield site in Manchester last March, to deliver a 51-storey BTR tower, comprising 494 homes.
L&G said the proceeds from the NHS land sale are intended to be reinvested in modern healthcare facilities. This includes the New Douglas Bennett House at Denmark Hill, a purpose‑built home for services currently at Lambeth Hospital, supporting improved mental health services and therapeutic environments.
Dan Batterton, head of housing, asset management at L&G, said: “The redevelopment of the Lambeth Hospital site is a flagship example of the power of pension capital to address the chronic lack of housing supply by delivering large-scale schemes in the areas that need them most, while also meeting the investment needs of our pension fund clients.”
Jane Bailey, chair of South London and Maudsley NHS Foundation Trust, added: “This is incredibly good news that will mean a host of benefits for not only the provision of mental health services locally but also the wider community.
“This is a wonderful opportunity to invest and transform for both the trust and the local community. I know from speaking with colleagues how important this decision is and what it means for us as a trust in allowing us to move forward.”
CBRE advised the South London and Maudsley NHS Foundation Trust on the transaction.
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