Development FinanceNews

BLP Insurance wins new contract

BLP Insurance has been awarded a new contract with Legal & General to underwrite a build-to-rent (BTR) development in Leeds.

Located in Granary Wharf in Leeds, the Mustard Wharf development by L&G is still under construction and is expected to complete in Q4 2019.

The development consists of three main buildings and will offer 247 residential properties as well as commercial and amenity space, and this is one of many BTR schemes being underwritten by the specialist residential warranty and commercial latent defects insurer.

Phil Harris, director of sales at BLP surplus insurance , said: “The Mustard Wharf project is a shining example of how the UK BTR market is thriving across all regional urban hubs.

“BTR projects successfully combine a reliable business model with secure financing that is attractive for investors and provide much needed homes to the market. We’re pleased to be playing a role in the Mustard Wharf development and the growth of the BTR sector.”

Dan Batterton, head of BTR at LGIM Real Assets, added: “We selected BLP Insurance to underwrite the Mustard Wharf project due to their strong track record, comprehensive offering and technical expertise, particularly in the BTR area.

“We’re looking forward to seeing the completion of this exciting regeneration project at Granary Wharf and its contribution to the local community.”

The BTR market has had an impact on the residential construction sector with a 34% year-on-year rise in completed homes in Q1 2019.

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