Legal & General said this week that its later living business, Inspired Villages, has acquired a 12-acre site in Caddington, Bedfordshire, UK.
The site has been acquired with outline planning permission to develop 200 specialist age-appropriate homes, and is expected to have a gross development value of £120 mln on completion.
The Caddington site acquisition brings Inspired Villages development pipeline to 2,500 homes across the UK in the next six years. When complete, the Caddington scheme will benefit from a restaurant, café, wellness centre (comprising a swimming pool, fitness studio and gym), library and cinema room.
‘We have an extraordinary opportunity to deliver homes and support a lifestyle that will really change the way we age in the UK. Our focus is not solely about how to extend lifespan and more about how we can extend our health span, improving the quality of life we already have,’ said Phil Bayliss, CEO of Later Living at Legal & General.
This acquisition follows Inspired Villages planning consent, received last week, to develop one of the UK’s largest retirement communities in Surrey. Works are due to commence later this year and the site is expected to have a gross development value in excess of £215 mln (€247 mln) when complete.