Legal & General’s later living business, Inspired Villages, has announced the acquisition of a 10-acre site in Chandlers Ford, Hampshire, for the delivery of a new retirement community.
The site has been secured with outline planning permission to develop 151 new specialist age-appropriate homes. It will deliver high-quality facilities, including a wellness centre (comprising a fitness studio, gym and swimming pool), which will be available to local qualifying residents on a membership basis.
Neal Dale, development director at Inspired Villages, comments: “Acquiring a second site in Hampshire with outline planning permission highlights Inspired’s ambitions and outstanding momentum, while also emphasising the growing demand for specialist age-appropriate housing in the local area.”
“I am proud of, and look forward to seeing, the vast and significant socio-economic benefits that will come as a result of our upcoming Chandlers Ford community. There is a need to provide a greater support to our older people within society; Covid has shown us that ensuring the health and wellbeing of our older people, whilst supporting our NHS and social care services, is paramount.”
This move follows Bramshott Place near Liphook, marking Inspired Villages’ second later living community in Hampshire. The decision to acquire another site in the area was a response to the vast disparity between supply and demand for specialist housing.
Works are set to commence on site early next year, creating 110 construction jobs per annum over a four-year period, and 35-plus permanent jobs once complete – further boosting the local economy and regional growth in the county.
In 2017, it was estimated that there were more than 41,000 over-65s in Hampshire, which is expected to rise to 91,600 by 2035 – an increase of over 200%. Inspired Villages says the scheme will help to create significant benefits for Hampshire’s health and social care system – an increasingly pressing matter in light of the strain on health and social care services caused by Covid-19.
A report by the House Builders Federation found that each person living in age specialist accommodation enjoys a reduced risk of health challenges, contributing to fiscal savings to the NHS and social care of £3,500 per year.
Applying this research, Inspired Villages currently contributes to over £2.5 million fiscal savings, with a target of 12,750 residents in the next five to 10 years.
Phil Bayliss, chief executive officer of later living at Legal & General and chairman of Inspired Villages, says: “Legal & General invests for the long-term in socially and economically useful assets, making the later living sector an exceptional match for our capital. We need to advance and accelerate the UK’s delivery of age-appropriate homes to meet our rapidly ageing population; this is not only crucial for wellbeing, but also for helping our overburdened NHS and social care services.”
“Inspired Villages is committed to addressing the social and economic issues linked to the UK’s ageing population. The acquisition of our second site in Hampshire is yet another positive milestone for Inspired Villages and testament to its vision and commitment to the sector.”