Legal & General Affordable Homes has secured its first four affordable schemes, comprising 278 new homes in Croydon, Cornwall, Dunstable and Shrivenham.
In Croydon, south London, 50 shared-ownership homes will be available from June 2019 at Leon House. In its second acquisition, L&G will deliver 44 homes in Falmouth, Cornwall, in a joint venture with Coastline Housing. It will seek to deliver 600 homes per annum through this longer-term partnership.
L&G’s other two schemes in Dunstable in Bedfordshire and Shrivenham in Oxfordshire are being delivered under section 106 agreements. Phoenix Park in Dunstable comprises 23 shared-ownership apartments. In Shrivenham, L&G acquired 109 homes at affordable rent and 52 shared-ownership homes from its own housebuilding arm Legal & General Homes.
Ben Denton, managing director at Legal & General Affordable Homes, said: “As demonstrated by the scope and range of our acquisitions today and the significant pipeline we have secured, we remain committed to offering a choice of tenures to our future residents, deploying institutional capital at scale and pioneering new partnership models, such as the one we have set up with Coastline.”
Nathan Mallows, director of finance at Coastline Housing, said: “This new joint venture partnership with Legal & General is the culmination of over a year of collaborative working; shaping an alliance that seeks to solve Cornwall’s housing need through long-term, institutional investment, coupled with local knowledge and management expertise.”
With an ambition to deliver 3,000 affordable homes annually within the next four years, L&G has also secured a further pipeline of more than 40 sites across the UK, which could provide 1,500 affordable homes in the next 24 months.
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