Inspired Villages Group (“IVG”), an operator and developer of later living accommodation established by Legal & General in August 2017, announces the acquisition of Ledian Farm, Leeds Village in Kent, as it continues to deliver its ambitious growth plans to provide service-led later living communities across the UK to meet the needs of the most underserved housing sector.
The seven-acre site, which comes with a detailed planning consent for a retirement village, is expected to have a Gross Development Value of in excess of €56.6m (£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.
It is set to generate strong local employment opportunities, both during the construction phase and once fully occupied – with each Inspired Village creating substantial service-led roles. In keeping with the IVG model, it will offer a selection of luxury cottages and apartments centred around a prestigious clubhouse - providing a focus on wellness with plenty of opportunities for maintaining an active lifestyle, socialising and relaxing.
The acquisition of Ledian Farm further expands IVG’s national footprint, which is currently arranged over six village schemes, located in Warwickshire, Cheshire, West Sussex, Devon and Hampshire, as it looks to satisfy the growing demand for well-designed later living communities. The development of Ledian Farm into a vibrant, service-led later living community will increase IVG’s property portfolio to over 1,100 apartments and forms part of its ambitious plan to expand its property portfolio to 3,500.
Jamie Bunce, CEO of Inspired Villages Group, comments: ”Ledian Farm is the 7th site secured by Inspired Villages since its formation with Legal & General in August 2017. 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. IVG is proud to create safe and positive environments in this emerging sector and adding Ledian Farm assists in meeting the increasing demand for high-quality senior living across the whole of the UK. 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, added: “Combined with the best in class management team at IVG, Legal & General’s long-term investment in this sector will bring the necessary scale of supply to what is currently the most underserved sector of the housing market. The acquisition of Renaissance Villages in November 2017 and Ledian Farm in quick succession is a testament to our aggressive growth objectives for the Later Living business. With an ageing population and an underprepared 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.”