Legal & General Modular Homes announces that it has partnered with Town & Country Housing to acquire a site in Littlestone, Kent, for the development of 80 homes.
2 Mar 2022
This is the second Legal & General Modular Homes site that Town & Country Housing has acquired, having also partnered on a site in Broadstairs, Kent. Town & Country Housing was advised by UK law firm TLT.
Legal & General Modular Homes’ innovative approach to housing delivery, has gained significant momentum within the marketplace with the business commencing construction on sites at Selby, Bristol and Broadstairs for the delivery of 450 homes. Having also acquired land at Littlestone, Kent, North Horsham and Warminster the business is currently seeking planning permission for the delivery of almost 400 homes across these three sites where construction is expected to commence shortly. Legal & General Modular Homes’ pipeline now stands at around 850 homes.
Located on Victoria Road, in Littlestone, the site comprises approximately 9 acres and includes 3 acres of open space and wetland which will be largely dedicated to wildlife. The scheme plans to deliver 80 affordable homes for shared ownership and social rent. A range of two, three and four bed homes will be offered through Town & Country Housing’s trading brand, Love Living Homes.
Legal & General Modular Homes is leading the way in the delivery of high quality affordable and sustainable homes with each home achieving a minimum Energy Performance Certificate (EPC) “A” by design. Currently fewer than 2% of new-build homes in the UK achieve this high standard. The combination of thermally efficient materials, air source heat pumps and solar panels, results in homes that are highly energy efficient with a greatly reduced carbon footprint both during construction and across the lifetime of each home. It also means significantly reduced heating bills for residents at a time when household costs are rapidly rising due to their low cost in use. These homes are another positive step towards achieving net zero carbon by 2050 and another step towards Legal & General’s commitment to making all of its new housing stock operational net zero carbon enabled by 2030.
Legal & General’s modular housing factory in Yorkshire is the largest in the UK. With capacity to produce 3000 homes annually, it employs 500 people and operates an academy for apprentices. Modular construction is crucial to delivering government targets for housing, and Legal & General Modular Homes is advancing land opportunities for the delivery of several thousand more homes on sites across the country as part of the industry drive to deliver 75,000 homes a year via Modern Methods of Construction.
Rosie Toogood, CEO, Legal & General Modular Homes: “We are delighted to have partnered with Town & Country Housing again to deliver more affordable, highly-sustainable homes, set within green open spaces and at the heart of a well-connected local community. Through modular construction, we are able to deliver all of this and in half the time of traditional methods.
We are excited to start working with the planning authority to deliver a scheme that meets local requirements and that will showcase the part modular can play in helping the UK to Build Back Better.”
Colin Lissenden, Development Director at Town & Country Housing: “After launching our pilot scheme at Westwood Acres in Broadstairs, we’re extremely proud to be delivering further on our commitment to sustainable housing provision by partnering with Legal & General Modular Homes for the second time in a year. Modern construction methods offer a huge range of benefits to developer, resident and community alike, and we look forward to continuing to deliver more affordable, environmentally-friendly homes in Kent.”
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