The Evening Standard shares the Guild Living announcement for a new later living community coming to Uxbridge. To read the full piece see below.
Guild Living secure first retirement development in London.
Legal & General has bought land in Uxbridge for its first London retirement homes development, it emerged on Wednesday.
The insurance giant is looking to create a £130 million scheme comprising around 200 ‘later living’ apartments, subject to planning permission.
The purchase comes just over a year after L&G established Guild Living, a developer and operator of urban later living communities. At the time it said that through Guild Living it planned to deliver over 3,000 new homes by 2024.
The homes are typically aimed at over 70s, and on sites that offer other features, such as a fitness centre, GP consultation room and crafts space.
L&G is one of a number of investors looking at building retirement homes. Britain’s ageing population has grown as cleaner lifestyles and better healthcare has seen pensioners living far longer, and some want to downsize.
Guild Living will develop the Harefield Road site in Uxbridge, submitting proposals this year after a public consultation. It hopes to start construction in the third quarter of 2021.
Eugene Marchese, director at Guild Living, said: “There is a clear and growing need for age-appropriate housing both in London and across the UK.”
Phil Bayliss, chief executive of later living at Legal & General, said: “ London is often seen as a young city, but actually has the fastest growing over-50s population. We have to be prepared to meet these changing dynamics.”