Legal & General has received planning permission from the Reigate and Banstead Borough Council for the development of one of the UK’s largest retirement communities on the site of its former head office, Legal & General House in Kingswood, Surrey.
The scheme, which will be delivered by L&G’s later living business, Inspired Villages, will see over £170 mln (€195 mln) invested into the local economy. Works are due to commence later this year and the site is expected to have a gross development value in excess of £215 mln (€247 mln) when complete, making it one of the UK’s largest retirement communities by value.
Inspired Villages will be transforming the vacant and dilapidated site into a vibrant later living community with 270 specialist age-appropriate apartments, while preserving the long-term future of the Grade II listed building.
Phil Bayliss, CEO of Later Living at Legal & General, said: ‘Legal & General continues to make terrific progress through our partnership with Inspired Villages as we set out to revolutionise the later living offer in the UK and address the chronic shortfall in supply. Covid19 is already putting the care sector under extreme pressure, but by investing through and beyond the immediate crisis we believe that we can help to address the issue of future demand on the system – helping people to live in good health for longer.’
The planning committee meeting, which took place on April 15, was held via an online video conference call following new government legislation allowing virtual council meetings to take place under the current Covid-19 lockdown conditions, which prevent in-person meetings.