Legal & General Modular Homes announces that it has acquired and started on site at a major modular homes scheme in Lockleaze, Bristol
10 Mar 2021
The scheme, which has been developed in conjunction with Bristol City Council, is set to deliver 185 new homes, comprising two- to four- bedroom houses along with one- and two-bedroom apartments developed on land at Bonnington Walk. Show homes are scheduled to be onsite and available to look around as early as this Summer.
This modular scheme will create some of the most energy efficient homes in the country with all homes achieving an energy performance certificate (EPC) standard A. The combination of Air Source Heat Pumps, Photovoltaic Cells and high-quality build standards will put them in the top 1% for energy performance meaning significant energy savings for its residents. 50% of the homes will be delivered as affordable housing and it is intended that these become part of Bristol City Council’s affordable housing stock.
Once the land is prepared and ready for the modular homes, the homes can be assembled onsite within eight weeks. Work has already started on site clearance. This will be followed by the formation of the new access roads to the site and the construction of roads and sewers, with the first modules to be delivered arriving in summer.
Legal & General’s modular housing business has continued to grow and is looking to hire an additional 350 employees across 2021, to deliver its growing pipeline, as well as supporting the UK’s bounce back post Covid-19. From its factory in Sherburn-in-Elmet in Yorkshire, Legal & General Modular Homes is providing an innovative approach to the design, production and construction of homes, driving up quality, efficiency and productivity to deliver highly energy efficient sustainable homes. At Bonnington Walk, Legal & General will deliver a full development proposition; from buying land, developing the product and supporting the planning application through to delivery.
The Bonnington Walk scheme has been brought forward in collaboration with Bristol City Council as part of the Bristol Housing Festival and consulted on widely by the local community. It represents an important new development in Bristol where Legal & General already has a significant interest through a £240m stake in the regeneration of Temple Quarter, a Build to Rent development and a proposed major mixed-use scheme on Temple Island. Together with Bonnington Walk, these schemes provide a springboard for a long-term partnership with Bristol City Council, helping it deliver a large proportion of the 16,000 new homes required across the city.
As well as providing much-needed homes, the proposed development at Bonnington Walk will see improvements made to adjoining areas of the site as part of a long-term plan for investing in Lockleaze. This includes new offsite allotment patches and accessible green open space will be introduced to complement the existing community orchard, a new local community hub will be built, and walking, cycling and road improvements will be made. With the importance of quality housing and more green space having been emphasised over successive lockdowns, modular construction is offering an impactful solution, meet government’s objective to build more affordable, carbon-friendly housing.
Rosie Toogood, CEO of Legal & General Modular Homes: "Acquiring and beginning construction on Lockleaze is an exciting milestone for the business as we see our modular homes becoming part of communities across the UK. The modular construction sector is transforming the way homes are built and addressing the housing shortage. This forms part of our purpose of investing society’s capital for society’s benefit. The housing crisis is a human crisis and only more important as part of the UK’s post-pandemic recovery, and as people become more aware of the link between their health and wellbeing, and their homes and supporting communities."
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also 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. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
*as at HY 2023
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.
*at 31 Jun 2021