Further details have been revealed of plans for a Walthamstow development site purchased by a finance company for £25million.

Despite the exact location remaining a secret, Legal and General has said it will build 300 flats for rent to private tenants in its first foray into rental sector.

The site is believed to be in the Blackhorse Lane area.

Managing director of Legal & General Property, Bill Hughes, said: “We consider the private rental sector to be a key part of solving the housing supply crisis.

“The sector will enhance economic productivity through providing greater flexibility, as well as providing good value, high quality accommodation.

“It is essential to us that we focus on purpose-built “build to rent” investments of scale that are capable of delivering management efficiency and a high standard of customer experience.”