Legal & General gets green light for £215m retirement community

Legal & General gets green light for £215m retirement community
Image: Courtesy of Legal & General

Reigate and Banstead Borough Council has approved plans for Legal & General‘s later living business, Inspired Villages, to deliver one of the UK’s largest retirement communities on the site of its former Head Office, Legal & General House in Kingswood, Surrey.

”Works are due to commence later this year and the site is expected to have a Gross Development Value in excess of £215m when complete, making it one of the UK’s largest retirement communities by value,” said the company in a press release.

It is expected to create around 175 construction jobs per annum over its 6.5 year build period, and up to 80 new permanent jobs once complete and operational.The scheme will see over £170m invested into the local economy at a time of heightened need.

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Inspired Villages will be transforming the vacant and dilapidated site into a vibrant later living community with 270 specialist age-appropriate apartments, while preserving the long-term future of the Grade II* listed building; ensuring it remains at the heart of the Kingswood community. Plans also include up to 10 respite units, allowing Inspired Villages to work with local GP practices and hospitals to help reduce pressure on the NHS and local care services.

”Legal & General continues to make terrific progress through our partnership with Inspired Villages as we set out to revolutionise the later living offer in the UK and address the chronic shortfall in supply. Covid19 is already putting the care sector under extreme pressure, but by investing through and beyond the immediate crisis we believe that we can help to address the issue of future demand on the system – helping people to live in good health for longer. Investing in key alternative sectors where there has been a shortage of investment and innovation, and that have a wider social and economic purpose, this is an excellent match for our patient capital,” said Phil Bayliss, CEO of Later Living at Legal & General.

”This planning permission allows us to breathe life back into this previously obsolete scheme and maintain our legacy, while bringing jobs to local people, creating an important asset for the local community and much needed accommodation for the over 65s. Today’s significant step forward is testament to Inspired Villages’ vision as well as their transparent, passionate and fluid dialogue with the Kingswood community, ensuring the development meets their unique local needs,” he added.