Inspired Villages has acquired a 12-acre site in Caddington, Bedfordshire with outline planning permission to develop 200 specialist age-appropriate homes, expected to have a gross development value of £120 million on completion.
The company, part of Legal & General, says the scheme will see £90 million invested into the local economy, create more than 70 construction jobs per annum over its six-year build period and 32 permanent jobs once complete.
The Caddington site acquisition brings Inspired Villages development pipeline to 2,500 homes across the UK in the next six years. Together, these schemes will create around 1,000 construction jobs per annum, and up to 640 permanent jobs once the retirement communities are complete and operational.
Phil Bayliss, chief executive of later living at Legal & General, said: “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.
“This acquisition follows Inspired Villages planning consent, received last week, to develop one of the UK’s largest retirement communities in Surrey. As Inspired Villages continues to expand, it will play a key role in providing high quality later living housing to the UK through which we can address the social and economic issues linked to the UK’s ageing population. This is an exceptional match for Legal & General’s long-term capital. 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.”