The Blackhorse Mills scheme is located 200m from Blackhorse Road tube station in Walthamstow and is due to complete in early 2020.

It will provide Waltham Forest with a mix of homes ranging from studio flats to 3-bedroom homes and includes 20,000 sq ft of commercial accommodation.

Dan Batterton, BTR Fund Manager at LGIM Real Assets, said:  “Blackhorse Mills will be an exemplar of what future renting could look like, providing UK residents with the housing they deserve.”

Stuart Brodie, Managing Director for Galliford Try Partnerships South East said: “Our business recognises that the rental sector has potential for real growth and we are delighted to have our strong track record of providing high-quality housing recognised in this way.

“We look forward to cultivating a strong relationship with our client Legal & General, and supporting Waltham Forest Council in the supply of much needed housing within this Borough.”

L&G is aiming to invest £1bn in private rental housing, having raised capital from major pension funds for an open-ended build to rent fund, as well as a £600m joint venture investment by Legal & General Capital and PGGM.

As well as Walthamstow, it is building schemes in Bristol, Bath and Leeds. Focused on key urban regeneration areas centred around transport hubs, it is targeting schemes of over 150 units.