The 225-unit Slate Yard scheme is set to open in early summer 2017.

L&G, with urbanbubble, is looking to pioneer a new service proposition featuring a car club, free WiFi, longer and more flexible tenancies, reduced moving costs, proactive maintenance and 24/7 on-site customer service.

Dan Batterton, BTR fund manager at LGIM Real Assets, said: “The UK rental landscape has changed in recent years with greater numbers of people renting, but with varied experiences.

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“We can create healthy competition and improve standards across the rental market with higher, more transparent and consistent levels of service offered by institutional-backed operators.

“urbanbubble shares our vision of wanting to deliver a new standard of service to this market so we can provide homes for each individual rather than a one-size-fits-all flat to rent.

“This new level of service will allow for all types of tenants’ needs and give them choice.”

In 2016, L&G entered the BTR market in partnership with PGGM and has around £1bn to invest and build new large-scale rental property developments.

L&G has now over 1,000 BTR properties under construction or in planning in Bristol, Salford and Walthamstow.