Legal & General has made an invesrtment in the growing Over 65s Living market, which is seeing more and more luxury lifestyle village-type environments being created for wealthier middle-aged and older people. Often located near water, these luxury enclaves often have bans on younger residents, restrictions on children playing out, noise, random visitors, gated entrances etc.
Playing an important role in a post-crisis economic bounce back, this new L&G scheme will see £90 million invested into the local economy, creating more than 70 construction jobs per annum over its six-year build period, and 32 permanent jobs once complete.
The Caddington, Bedfordshire site acquisition brings Inspired Villages development pipeline to 2,500 homes across the UK in the next six years. Together, these schemes will create around 1,000 construction jobs per annum, and up to 640 permanent jobs once the retirement communities are complete and operational.
Currently, there are more than 12m over-65s in the UK and this figure is expected to increase by 50% over the next 20 years. Many older people want a retirement community that mirrors a village lifestyle from past, where security and low crime rates are an important plus point, shops are nearby – but not too near – and there is a feeling of escape from a busy urban pace of life. Those same retirees also often have expensive cars, gadgets, jewellery and much more to insure.
With only 7,000 units being delivered to market each year, the disparity between supply and demand is vast. Inspired Villages has ambitions to revolutionise the later living offer in the UK and address this chronic shortfall. To meet these targets, Inspired Villages has grown exponentially over the past two years; the number of employees has increased from 20 to more than 300, with capital commitments of half a billion pounds across its villages.
When complete, the Caddington scheme will benefit from a restaurant, café, wellness centre (comprising a swimming pool, fitness studio and gym), library and cinema room. In keeping with Inspired Villages’ ethos of creating communities in and around its villages, many of these facilities will be available to both residents and the local community.