A £40 million deal has been signed for almost 150 rental homes in Coventry’s green belt, with planning permission already in place for more than 500 homes on the Keresley site.

It will be split into two developments and now details have emerged about part of it. It has been revealed that Legal & General’s Suburban Build-to-Rent Platform (LGSBTR) and the Vistry Group have signed a £40 million deal to build 147 new build-to-rent homes on the site.

The new homes, the first LGSBTR in the Midlands, will be equipped with air source heat pumps, solar panels and charging points for electric vehicles. They are private rental properties.

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David Reid, Managing Director of Legal & General SBTR, said: “The creation of new homes in Coventry – our first foray into the West Midlands – is part of our ongoing work to meet the UK’s need for reliable long-term rental options, while building assets for our long-standing partners.”

Adam Sharpe, Managing Director for the South West Midlands at Vistry Group, added: “We are delighted to have received final planning permission and to have completed this deal with Legal & General. There is a significant need for new, high quality, mixed-use housing in this area and this is an important step in meeting that need. We know that people from all walks of life will enjoy the opportunity to live in modern family homes and be part of a vibrant and well-connected new community here.”

The entire Keresley site is planned to house over 3,000 homes, as well as a primary school, community centre and connecting road.

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