L&G acquires £120m Bedfordshire later living scheme

Legal & General has acquired a site in Bedfordshire for a £120m later living development. Its residential housing business Inspired Villages has bought a 12-acre site in Caddington, Bedfordshire for a new retirement community. The site has planning consent for 200 specialist homes, a restaurant, cafe, wellness centre, library and cinema room, which L&G will build over a six-year period. It brings the Inspired Villages development pipeline to 2,500 homes with £500m of investment. Neal Dale, development director at Inspired Villages Group, said the business had worked alongside the former landowner for the past 18 months. He added: “Research shows the majority of our residents come from within a 10-mile radius of the village they choose to live in, so this scheme in Caddington will draw from Luton to Harpenden and will have significant benefits for the local health and social care system.” Phil Bayliss, chief executive of later living at Legal & General, said: “Our current pipeline is testament to the business’ commitment to invest through and beyond the Covid-19 crisis. In helping our residents live in good health for longer, we continue help to take some of the strain off the NHS and social care system that has been exacerbated by the pandemic.” Inspired Villages has a goal to deliver 8,500 homes by 2022. The business was established in 2017, but has ramped up in the last two years, growing the team from 20 to 300 employees. Earlier this month, it secured planning consent for 270 homes at L&G’s former Kingswood headquarters. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette