Inspired Villages acquires site in Kent
Inspired Villages Group (IVG), an operator and developer of later living accommodation established by Legal & General in August 2017,has acquired Ledian Farm in Leeds Village in Kent.
The seven acre site, which comes with a detailed planning consent for a retirement village, is expected to have a gross development value of more than £50m and provide over 115 homes when built. Located close to Leeds Castle, it has an attractive setting on the edge of Leeds village, offering an idyllic country outlook within an existing village community.
IVG chief executive Jamie Bunce said the acquisition of Ledian Farm further expanded the group’s national footprint, currently arranged over six village schemes in Warwickshire, Cheshire, West Sussex, Devon and Hampshire, as it looked to satisfy the growing demand for well-designed later living communities, expanding its property portfolio to 3,500.
“Ledian Farm is the seventh site secured by Inspired Villages since its formation with Legal & General in August 2017,” said Mr Bunce.
“Due to the scarcity of high quality stock in the UK’s later living housing market, IVG recognises that the main path to scaling its business is through organic growth. Ledian Farm is exemplary of the sort of land we are looking for, with its location and scope for development providing an excellent opportunity to deliver age-appropriate accommodation, lifestyle and wellbeing services to our communities.
“We are working on a significant number of exciting opportunities across the UK to further add to the growing portfolio of Inspired Villages in 2018.”
Phil Bayliss, head of later living at Legal & General Capital, said the group’s long-term investment in this sector will bring the necessary scale of supply to what is currently the most under-served sector of the housing market.
“The acquisition of Renaissance Villages in November 2017 and Ledian Farm in quick succession is testament to our aggressive growth objectives for the later living business,” said Mr Bayliss.
“With an ageing population and an under-prepared market to support it, Legal & General’s long-term investment in the sector can deliver significant housing, health and wellbeing benefits for those in later life, as well as a reduction in NHS costs and GP visits.”