The development will be the seventh UK city where Legal & General is offering its new rental scheme.
The company aims to improve standards across the rental market by developing high-quality, well-managed, specifically designed housing in areas with high demand.
The development will deliver 200 homes and up to 3,000 sq m of commercial space – subject to planning approval – ideal for start-ups and SMEs.
The site is situated 200 metres from Brighton train station, which offers a fast, mainline service into a number of London stations.
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“Brighton is a vibrant city where people want to live and work,” said Dan Batterton, BTR fund manager at LGIM Real Assets.
“This acquisition represents a rare opportunity to acquire land in an unrivalled location and to deliver the first institutional-grade BTR scheme.
“We look forward to working with the council to support Brighton’s talented workforce with the homes they deserve.”
James Lidgate, CEO at Legal & General Homes, added: “Brighton is a thriving city with a hugely talented workforce.
“The UK needs urban centres that are fit for purpose and can support a creative, sustainable community like Brighton.
“Our BTR pipeline is growing at pace and it is exciting to see the impact that our developments are making to our UK cities.”