Legal & General announces that it has acquired a 78-acre site in Shrivenham, Oxfordshire. With outline planning for 515 new homes, it represents the third major site being brought forward by Legal & General’s housebuilding arm.
18 Dec 2017
Construction for the first phase of new homes is due to start at the end of next year. The site is large enough to provide a full range of housing options, from one-bed apartments to four-bed detached family homes.
180 of the homes will be much-needed affordable housing and Legal & General will look to use modular construction from its factory in Leeds for this element of the site. By using traditional building techniques alongside modular construction, the team will be able to accelerate delivery on the ground.
Shrivenham is located in a prime residential location in Oxfordshire, within commuter distance from both Oxford and Swindon. It is also just a short walk from the sought-after village centre, which boasts a host of local amenities including a primary school and a range of local shops and pubs.
Helping to address the UK’s chronic housing shortage, Legal & General Homes already has two large consented schemes, which are located in Berkshire where its head office is based. It is now on site building 1,000 new homes on its 250 acre site in Crowthorne and will also begin on site on 1,500 new homes at its 272 acre site in Finchampstead (near Arborfield) at the end of 2018.
James Lidgate, CEO of Legal & General Homes, commented: “As well as addressing the chronic shortfall of housing in the UK, Legal & General Homes is looking to regenerate the UK’s landscape for the better and build vibrant communities where people want to live, such as this sought after location in Oxfordshire. Using Legal & General’s long term capital, we are seeking to create a legacy that we are proud of. To do this, we want to challenge public perceptions of new homes by delivering a product that surpasses buildings of the past in terms of quality, efficiency and comfort, while ensuring the homes are carefully integrated into the community, providing much enhanced public realm, facilities and infrastructure.”
Alistair Watson, Senior Partner of Welbeck Strategic Land commented: “We are delighted to have secured a planning consent on behalf of the landowners and to have concluded a sale to Legal and General Homes and jointly with Legal and General Homes to have contributed towards delivering homes to alleviate the current housing shortage.”
WebbPaton advised the landowners through the planning and sale process.
Establishing housing capabilities across all tenures, Legal & General is delivering Build to Sell housing alongside Build to Rent, later living, student accommodation and affordable housing. It is also revolutionising construction methods through its modular factory in Leeds. Legal & General has been involved in housing activities for nearly 20 years. It is committed to addressing the UK’s chronic housing shortage through delivering high-quality sustainable and enduring homes with plans in place to build more than 80,000 new homes over the next five to ten years.
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.
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