Inspired Villages Group (“IVG”), an operator and developer of later living accommodation established by Legal & General in August 2017, announces the acquisition of Ledian Farm, Leeds Village in Kent, as it continues to deliver its ambitious growth plans to provide service-led later living communities across the UK to meet the needs of the most underserved housing sector.
22 Feb 2018
The seven acre site, which comes with a detailed planning consent for a retirement village, is expected to have a Gross Development Value of in excess of £50m and provide over 115 homes when built. Located close to Leeds Castle, it has an attractive setting on the edge of Leeds village, offering an idyllic country outlook within an existing village community.
It is set to generate strong local employment opportunities, both during the construction phase and once fully occupied – with each Inspired Village creating substantial service-led roles. In keeping with the IVG model, it will offer a selection of luxury cottages and apartments centred around a prestigious clubhouse - providing a focus on wellness with plenty of opportunities for maintaining an active lifestyle, socialising and relaxing.
The acquisition of Ledian Farm further expands IVG’s national footprint, which is currently arranged over six village schemes, located in Warwickshire, Cheshire, West Sussex, Devon and Hampshire, as it looks to satisfy the growing demand for well-designed later living communities. The development of Ledian Farm into a vibrant, service-led later living community will increase IVG’s property portfolio to over 1,100 apartments and forms part of its ambitious plan to expand its property portfolio to 3,500.
Jamie Bunce, CEO of Inspired Villages Group, comments: ”Ledian Farm is the 7th site secured by Inspired Villages since its formation with Legal & General in August 2017. Due to the scarcity of high quality stock in the UK’s later living housing market, IVG recognises that the main path to scaling its business is through organic growth. Ledian Farm is exemplary of the sort of land we are looking for, with its location and scope for development providing an excellent opportunity to deliver age-appropriate accommodation, lifestyle and wellbeing services to our communities.
“IVG is proud to create safe and positive environments in this emerging sector and adding Ledian Farm assists in meeting the increasing demand for high quality senior living across the whole of the UK. We are working on a significant number of exciting opportunities across the UK to further add to the growing portfolio of Inspired Villages in 2018.”
Phil Bayliss, Head of Later Living at Legal & General Capital, added: “Combined with the best in class management team at IVG, Legal & General’s long-term investment in this sector will bring the necessary scale of supply to what is currently the most underserved sector of the housing market. The acquisition of Renaissance Villages in November 2017 and Ledian Farm in quick succession is testament to our aggressive growth objectives for the Later Living business. With an ageing population and an underprepared market to support it, Legal & General’s long-term investment in the sector can deliver significant housing, health and wellbeing benefits for those in later life, as well as a reduction in NHS costs and GP visits.”
Inspired Villages Group is a best in class operator and developer of later living accommodation. Creating safe, secure, social and comfortable village environments in which residents can celebrate the freedom of later life with flexible care arrangements, Inspired Villages offer an outstanding lifestyle choice for people whose existing homes no longer suit their needs.
It is backed by Legal & General and has a total of seven village schemes, which are located in Warwickshire, West Sussex, Devon, Kent, Cheshire and Hampshire. With Legal & General’s long term financial support, Inspired Villages will continue to acquire several sites per year. Creating vibrant villages on the edge of and within the UK’s towns and cities, it is looking to build where people want to live, close to family, friends and facilities.
Its philosophy is to create beautiful homes, unique environments and thriving communities that are age appropriate and can support people in making the most of their wellbeing as they move through later life. The Chairman, and vision behind Inspired Villages, is Keith Cockell, who brings decades of experience in the conception and creation of retirement communities across the UK. The senior management team is headed by CEO, Jamie Bunce with the core management team in place to develop and operate a significant number of new communities across the UK in the next few years.
Legal & General in Housing
A natural evolution and fit for its multi-tenure housing investment strategy, Legal & General has been involved in supply side housing activities for nearly 20 years. These include:
It is also a significant investor in social housing, care homes and student accommodation. This holistic approach provides Legal & General with the mechanisms to deliver high quality returns throughout market cycles by pivoting investment to where the need is greatest.
Phil Bayliss, Head of Later Living at Legal & General Capital: With an ageing population and an underprepared market to support it, Legal & General’s long-term investment in the sector can deliver significant housing, health and wellbeing benefits for those in later life, as well as a reduction in NHS costs and GP visits.
Notes to editors
Legal & General Capital (LGC) is Legal & General Group’s alternative asset platform, creating assets for Legal & General Retirement and third-party clients in order to achieve improved risk-adjusted returns for our shareholders. LGC has built its capabilities in a range of alternative sectors, including in residential property; specialist commercial real estate; clean energy; alternative credit; and venture capital, which are all supported by long-term structural growth drivers, meet a financing gap and respond to a scarcity of supply that is underpinned by enduring societal needs.
Its purpose is to invest society’s capital for society’s benefit. Investing in the real economy and supporting the Group’s focus on climate and inclusive capitalism, LGC’s investments create jobs, change lives and contribute towards a net zero carbon future.
Legal & General has invested over £29bn in levelling-up regional economies, including through major UK-wide regeneration schemes and has recently made a commitment to enable all its new homes to operate at net zero carbon emissions from 2030.
(As of June 2021)
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.4 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these underpin our leading retirement and protection solutions: we are a leading international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2021