L&G Modular acquires site for 153 homes

Legal & General Modular Homes has acquired a site to deliver 153 affordable homes in Broadstairs

The site, which L&G Modular Homes initially acquired for an undisclosed amount and then sold on to project partner Town & Country, will be used to provide homes for shared ownership and social rent.

The Homes England-funded scheme will provide a range of two, three and four bedroom properties manufactured in L&G’s factory in Sherburn-in-Elmet, Yorkshire.

The homes will be managed by Town & Country, part of the Peabody Group of associations, which manages 67,000 properties.

Planning permission for the detailed scheme was granted by Thanet Council in May, after the outline application was passed on appeal by a planning inspector in 2017. Thanet Council rejected the initial scheme due to concerns over the impact on the environment. L&G Modular Homes have made a series of amendments including retaining more of the trees onsite and adding more habitat and biodiversity features.

The company, set up by investor L&G in 2016, has ambitions of delivering 3,000 homes a year by 2024.

In April the firm’s boss, Rosie Toogood, told Housing Today the firm had secured a pipeline of around 750 homes, with discussions ongoing around a further 2,000.

 >> See also: Full Rosie Toogood interview

 L&G’s other purchases to date include a 154-home site in Selby, Yorkshire and a 190-unit scheme in Lockleaze, Bristol.

L&G Modular last November reported a pre tax loss of £30.6million for the 2019 calendar year, without reporting any revenue. A spokesperson for the business at the time said the losses were to be expected given the investment in innovation necessary to “transform the way homes are built.”