L&G adds retirement schemes to portfolio
Legal & General has added a 10-acre site in Chandlers Ford, Hampshire to its residential portfolio and achieved planning permission for a later living scheme at Broadbridge Heath, West Sussex.
The provider’s residential pipeline now stands at tens of thousands of homes in operation or development.
Its development in Chandlers Ford, operated and developed by Inspired Villages, will bring forward 151 new specialist age-appropriate homes, meeting strong local demand for later living housing.
Over 65s in Hampshire are expected to rise to 91,600 by 2035 – an increase of over 200% since 2017.
Alongside Chandlers Ford, Inspired Villages has also achieved planning permission for a later living scheme at Broadbridge Heath, bringing forward 141 age-appropriate homes.
Kerrigan Procter, chief executive of Legal & General Capital, said: “Having established ourselves as a housing provider around eight years ago, we have worked hard to accelerate the growth of our platform.
“In order to address the structural shortages across every dimension of the housing market, we have deployed institutional capital at scale to revolutionise affordable housing, later living, the urban & suburban rental market, build to sell and to speed up construction through modular housing. We are proud of what we have achieved but there is still much more work to do.
“As we enter a period of economic recovery, businesses like ours must continue to invest in our future and it is more important than ever than we deliver the houses that our society really needs.
“As a country, we are still falling far short of the over 300,000 new homes needed each year and it is important that the homes we build are also future-proofed and sustainable.
“Our latest later living developments are a great example of this, meeting the increasing need for quality age-appropriate housing and moving towards our commitment to have a fully net-zero residential portfolio by 2030.”