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.”
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
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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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Our specialist teams have a proven track record in delivering high-quality, legacy projects across land, property, water and airspace. This includes airports, hotels, waterways, media hubs, event spaces, leisure facilities, retail, workspaces, residential development, industrial & logistical space, public realm, historic gardens and the renewable energy sector. We also believe a prosperous future depends on our ability to harness nature to create sustainable growth.
We reuse, repurpose and re-energise natural resources to develop and maintain vital infrastructure across the UK. From wind power, to waterways, to waste-to-fuel solutions, we own and operate assets, manage resources and develop energy solutions to serve our communities and our partners.
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