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Legal & General Affordable Homes secures planning permission for over 200 homes at Chatham Waters in Kent
Legal & General Affordable Homes (LGAH) and Peel L&P have secured planning permission from Medway Council to deliver 237 affordable homes as part of the next phase of regeneration at Chatham Waters.
17 Nov 2021
Plans were submitted for 237 affordable homes by LGAH and Peel L&P back in September. The mixture of shared ownership and affordable rented homes will include 1-and 2-bed apartments and 3-bed town houses.
A further planning application for the Central Park at Chatham Waters has also been approved by Medway Council. It will provide over an acre of green space for local communities to enjoy, and will include trees, planting, seating and communal play areas.
Chatham Waters already comprises a number of completed residential projects, including homes for sale and rent. The 26-acre waterside destination is also home to a University Technical College, Marston’s family restaurant, Asda Superstore and extensive public open space.
To date, over £100m has been invested at Chatham Waters. With around 750 full time jobs created, it is estimated to contribute c.£19m to the local economy each year. Work is expected to start on the new affordable homes and Central Park in Spring 2022 with an estimated two-year period for completion.
Ben Denton, L&G Affordable Homes’ Chief Executive: “Legal & General Affordable Homes is committed to helping tackle the UK’s urgent housing crisis. We are well-placed to invest institutional capital at scale to provide safe, secure, affordable housing where it’s needed most, whilst delivering a first-class experience for our customers. Chatham Waters is a fantastic example of our vision in action, and we are pleased to partner with Peel L&P and Medway Council to take the next step in providing local families and residents with high quality, affordable housing options.”
James Whittaker, Peel L&P’s Executive Director of Development: “This is such an exciting development. Delivering affordable homes at Chatham Waters is key to Peel L&P’s vision to provide a range of mixed-tenure homes and jobs as part of the regeneration of the wider area. The new Central Park, will be a key feature in the local community for residents and non-residents to enjoy.”
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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.
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.
As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.
For press enquiries, please contact: Melissa Paxton mpaxton@peellandp.co.uk - 07443 186 865
We are an ambitious regeneration business with generations of history, heritage and expertise in our DNA. First established in 1972, Peel L&P is now responsible for some of the most transformational development projects in the UK today.
Owning and managing 12 million sq ft of property and 20,000 acres of land and water, our holdings are concentrated in the north west of England but we also own and manage significant assets throughout the UK with a total portfolio value of £2.4 billion.
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