BLP Insurance wins Mustard Wharf Build to Rent contract
- Date: 30/05/2019
BLP Insurance, the specialist residential warranty and commercial latent defects insurer, has been awarded a new contract with Legal & General to underwrite the Mustard Wharf Build to Rent (BTR) development in Leeds.
Located at Granary Wharf, an established riverside location in the Holbeck area of the city, the Mustard Wharf development by Legal & General is currently under construction, with completion expected in Q4 2020. The 8,640 sq ft mixed-use project consists of three main buildings, which will offer 247 residential dwellings as well as commercial and amenity space for offices, restaurants, and other leisure facilities. Nearby landmarks include the distinctive Grade II listed former factory, Tower Works and the award winning residential building, Candle House with its twisted cylindrical design.
The BTR market has played a key role in boosting the residential construction sector in recent months, with a 34% year-on-year rise in completed homes in Q1 2019*. The Mustard Wharf development with Legal & General marks one of many national BTR schemes being underwritten by BLP Insurance.
Phil Harris, director of sales at BLP 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 Build to Rent at LGIM Real Assets, said: “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.”
For further information please contact:
Alastair Doyle / Max Gibson
Tel: 020 3697 4200
Notes to editors:
*Savills: UK Build to Rent Market Update - Q1 2019
About BLP Insurance:
BLP offers housing warranty insurance and commercial development latent defects insurance underwritten by Allianz Global Corporate & Specialty SE. Our insurance is a compelling alternative to the 'traditional' 10 year new home warranty solutions and our commercial latent defects insurance product is the most comprehensive in the market. Unlike traditional new homes warranties, BLP’s insurance covers the building – not the developer – and does not ask developers to pay up front registration fees, ongoing membership fees, bonds, guarantees or deposits. For claims, only proof of damage is required not proof of liability. BLP’s cover is approved by all of the major British mortgage lenders.
We provide peace of mind for homeowners and protect their investment from the risk of undiscovered defects, because: the vast majority of our insurance policies are backed by an AA rated global insurer; we will have properly assessed the build project from design through to workmanship on site, to help minimise the chance of future defects; and, if a defect does arise the homeowner won't have to prove who is to blame, just that there is a defect.
We have been providing construction insurance since 1999 and are owned by Thomas Miller, a world class insurance services business at the forefront of the insurance industry since 1885. BLP is regulated by the FCA and is an Associate Member of the CML. www.blpinsurance.com
About Legal & General
LGIM Real Assets
LGIM Real Assets is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £1tn in assets (as at 31 December 2018), providing products and solutions spanning all asset classes. LGIM Real Assets, headed up by Bill Hughes, has AUM of £31.4bn (as 31 December 2018), actively investing and managing assets across commercial property, private residential, infrastructure and property lending and, most recently, corporate credit.
Legal & General Group
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with international businesses in the US, Europe, Middle East and Asia. With over £1 trillion in total assets under management, we’re the UK’s largest investment manager for corporate pension schemes and a market leader in pensions de-risking, life insurance and workplace pensions. We have also invested over £19 billion in direct investments such as homes, urban regeneration, clean energy and small business finance.