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Legal & General unit buys UK housing site

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Legal & General unit buys UK housing site

Legal & General Group Plc's home building arm, Legal & General Homes Ltd., bought a 78-acre U.K. residential site in Shrivenham, Oxfordshire, with outline planning for 515 homes, including 180 affordable housing units.

The property, Legal & General Homes' third major site purchase, is expected to have a gross development value upwards of £150 million, according to a Dec. 18 report from Property Week.

Construction of the first phase will commence at the end of 2018, Legal & General Group said in a release.

Included in Legal & General Homes' U.K. housing pipeline of more than 3,000 new homes are the 1,000 homes being constructed on its 250-acre site in Crowthorne. Development of additional 1,500 homes on a 272-acre site in Finchampstead will start at 2018-end.