L&G lodges plans for first suburban BTR scheme

Legal & General has lodged plans for its first suburban BTR development with 124 homes at its £1bn North Horsham site. The new division will fund the homes as part of a £70m scheme, with a further 97 from its affordable homes business. The homes will be delivered by the modular housing business. The scheme will offer 44% affordable housing, with a large proportion of two- and three-bed houses for families in the area. L&G acquired the North Horsham site from Liberty Property in December 2018, after it received outline consent earlier that year for 2,750 homes. Legal & General Homes, Cala Homes and L&G’s later living business Inspired Villages have subsequently submitted detailed plans for various parcels at the regeneration. The investor has completed early infrastructure at the site to support the Bohunt School, which is due to open in January 2022. The wider scheme will also provide a new village centre, commercial space, a supermarket and green public space. Nigel Wilson, group chief executive of Legal & General, said: “This suburban build-to-rent scheme is an exceptional opportunity for Legal & General to deliver a site using the spectrum of its housing platform, bringing forward much-needed affordable family housing. “It will also use modular methods of construction to ensure speed, scale and quality of delivery, as well as helping to build back better by delivering one of the UK’s first EPC A-Rated SBTR and affordable housing schemes.” The SBTR venture launched at the end of last year, with a plan to deliver more than 1,000 homes annually from 2024. The modular homes business has schemes at Selby, Bristol and North Horsham with a development pipeline of 670. Meanwhile, the affordable homes division has grown to over 6,000 homes in operation and development. To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews Image © Legal & General