Legal & General, alongside partners PGGM and Nest, has completed contract exchanges with the NHS to acquire the 6‑acre Lambeth Hospital site in South London for £350 million. The brownfield site, positioned between Clapham, Stockwell and Brixton, is earmarked for a major build‑to‑rent neighbourhood delivering around 700 homes, subject to planning approval.

The land benefits from a high level of public transport accessibility, reflected in a PTAL rating of 6a, with Clapham North underground station located a four‑minute walk away. Marketed by CBRE in March 2025 as a significant residential development opportunity, the sale will help support funding for mental health services provided by the South London and Maudsley NHS Foundation Trust.

Plans for the site focus on a residential‑led mixed‑tenure scheme, including private and affordable homes designed to support growing demand for rental housing across London. The acquisition continues the partnership’s activity in the build‑to‑rent sector, expanding its portfolio in areas with strong regeneration potential and established transport links. Delivery timelines, design details and affordable housing levels will be confirmed through the planning process and linked NHS redevelopment funding.

The project represents one of the larger proposed build‑to‑rent neighbourhoods in the local area and forms part of ongoing development activity across South London aimed at increasing housing supply.

Legal & General will attend UKREiiF as the headline partner for 2026, supporting the event’s focus on sustainable development, housing delivery and long‑term investment across the UK. As headline partner, the business will participate in a programme of sessions highlighting its activity in regeneration, build‑to‑rent and partnership‑led schemes, while engaging with public‑ and private‑sector stakeholders involved in major development pipelines.