Legal and General to develop the Guild Living project
Legal & General will develop a housing project housing in England called Guild Living. The company plans to deliver approximately 3 thousand new homes over the next five years through the Guild Living homes.
Legal & General, one of England’s major real estate agencies, plans to build a housing development project called Guild Living. These houses, which will be built, are expected to have a Gross Development Value of EUR 2.3 billion.
In the UK there was a housing shortage in the UK with increasing urbanization. The Guild Living project is expected to address this housing problem.
Phil Bayliss, CEO of Later Living at Legal & General and Chairman at Guild Living says “With over three million over 60s in UK seeking to downsize their homes, we see a €116bn (£100bn) investment opportunity. 84% of the UK population lives in urban areas and we expect retirees to continue to migrate to UK towns and cities to enjoy all the local amenities they have to offer as well as to be closer to their loved ones and transport links. We are establishing the Guild to address this staggering opportunity and tackle the NHS and care crisis head-on. This forms an excellent extension of Legal & General’s retirement ecosystem. Nobody knows UK pensioners better; we are the largest UK manager of pension scheme assets, have over three million DC pension scheme customers and pay over one million pensioners a month. Through Guild Living and together with our existing out-of-town offering, we will now be delivering over 7,000 later living homes over the next five years.”
Michael Eggington, CEO at Guild Living added “Internationally, we have seen countless examples of how active, community-focused living can change people’s lives. Over 6% of over-65s in the US and Australia live in later living communities. This is in comparison to 0.6% of over-65s choosing a retirement community in the UK. In the likes of the US, New Zealand and Australia, the intrinsic link between housing and health is widely recognised. This support has helped retirement villages become a mainstream option for older demographics. Through our partnership with Legal & General, we are going revolutionise urban retirement communities in the UK. Legal & General’s respected and trusted brand is aligned with the principles that we want to bring to the later living sector. With the long-term investment, supported by a strong pipeline of sites, we are in a unique position to make a significant positive impact to tackling the UK’s chronic undersupply of age-specific housing in the UK.”
Eugene Marchese, Design and Innovation Director at Guild Living, told “Our vision is to deliver a significant change to how our older generation live. We will create beautiful “age-friendly” environments that are activated by world leading wellness programmes and activities, designed to engage and connect our residents with family, friends and the greater community. “Each Guild Living community will be designed with innovative architecture, communal facilities, and academically accredited wellness programmes, that will stimulate our residents physically, socially and cognitively.”
Sevdenur Demir / [email protected]