Inspired Villages has achieved outline planning permission to deliver a £100 million retirement community on the edge of Tunbridge Wells. Creating 146 new homes, this planning approval is the fourth achieved by Inspired Villages since lockdown began bringing the total number of consented new homes secured this year to 788.
16 Jun 2020
The approval is an important step forward in addressing the severe shortage of age-appropriate housing in the UK, as highlighted in a recent joint report from The Centre for the Study of Financial Innovation and ARCO1. Currently there are more than 12m over 65s in the UK and this figure is expected to increase by 41% to nearly 18m by 20402. However, only 7,000 units are being delivered to market each year, so the disparity between supply and demand is vast due to complications in the planning stages.
A radical change in housing provision to meet our rapidly ageing population is not only crucial for wellbeing, but also for helping our overburdened NHS and social care services. This was starkly evidenced in the recent Home Builders Federation report, Healthier and Happier3, which calculated that building an extra 30,000 retirement living homes would create a fiscal saving of £2.1 billion annually.
With the support of partner Legal & General, Inspired Villages is set to develop a scheme with 146 age appropriate homes for over 65s, as well as state-of-the-art communal facilities open to residents and the local community. Due to create 88 jobs per year during construction and up to 65 operational jobs once complete, the Tunbridge Wells scheme will bring significant economic benefits to the local area. Inspired Villages research has shown that the majority of people who live in an Inspired Village move from within a 10-mile radius of the village they choose. This means the scheme will have significant benefits for the local area’s health and social care system, while also freeing up the housing market for young families.
Located in the Wealden District in East Sussex, the 9.5-acre site benefits from a beautiful landscaped setting with mature trees and a lake, and is only two miles from the centre of Tunbridge Wells. Facilities will include a restaurant, café, library, wellness centre (comprising a fitness studio, gym and swimming pool) and cinema room. Inspired will now progress a reserved matters application later this year with works expected to commence on site mid-2021.
Currently Inspired Villages is on track to deliver 2,500 homes for over 65s over the next six years. This ambitious pipeline has been cemented with the following deals achieved by Inspired Villages during lockdown:
These schemes will create up to 500 jobs per annum while being constructed and once complete will create in excess of 250 operational jobs in total, giving a welcome boost to the local economies at a time of heightened need.
Neal Dale: "This site in Tunbridge Wells is an important addition to our portfolio due to the significantly growing demand for age appropriate housing in the local area. To win another approval is such quick succession during these unprecedented times is a testament to the outstanding need in our society for more retirement communities that support the physical and mental wellbeing of older people. I would like to thank everyone who has been involved in this process and supported us."
Phil Bayliss: "Prior to the pandemic, loneliness and isolation was a debilitating and unexpected reality affecting around 1.4m older people in the UK4. As the UK marks Loneliness Awareness Week and comes to the end of the third month since lockdown began, never has independent community living focused on extending health span and leading to less reliance on the national healthcare system had a greater role to play in our society. This latest planning permission and those achieved throughout lockdown are a pivotal step forward in our ability to accelerate the growth of a new generation of purpose built stock, bringing them to communities across the UK."
Established in 2017 by long-term partner Legal & General, Inspired Villages operates and develops later living communities in suburban and rural locations across the UK.
Each village offers beautiful, age-appropriate homes with vibrant communities at their heart that enrich the lives of both residents and locals thanks to the numerous wellbeing facilities and activities on offer. Along with the added benefit of flexible, on-site care, Inspired Villages provides an outstanding lifestyle choice that promotes independent living for longer.
As a best-in-class operator, Inspired Villages was named ‘Retirement Living Operator of the Year’ at the Resi Awards 2019, and ‘Property Investor of the Year’ at the HealthInvestor Awards 2019.
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 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 2022
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