L&G looks to sell its first-ever BTR project

The three-tower Slate Yard in Salford’s New Bailey has hit the market for £110m.

Legal & General is seeking buyers for its 424-flat development, which was completed in 2020. Delivered by L&G’s joint venture with Muse and Homes England, ECF, Slate Yard was designed by AHR Architects and constructed by Morgan Sindall Construction.

The Slate Yard’s first tower, which wrapped in 2017, was the start of L&G’s £3bn build-to-rent journey, according to Dan Batterton, head of residential within L&G’s asset management division.

Batterton told media: “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.”

L&G has appointed Knight Frank to market the scheme. Knight Frank partner Lloyd Wraith described Slate Yard as “occupying an unrivalled position within the city”, when speaking with BTR News.

“The scheme has a broad and deep appeal to residents resulting in incredibly strong occupational performance,” he 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.”