The scheme, which has been developed in conjunction with Bristol City Council, has 185 units, comprising two- to four-bedroom houses along with one- and two-bedroom apartments developed on land at Bonnington Walk.
Legal & General claims that the property will be “some of the most energy efficient homes in the country” with all homes achieving an energy performance certificate standard A. They will have air source heat pumps, photovoltaic solar panels.
Half of the homes will be delivered as affordable housing and it is intended that these become part of Bristol City Council’s affordable housing stock.
Once the land is prepared, the homes are expected to be assembled onsite within eight weeks. Work has already started on site clearance. This will be followed by the formation of the new access roads to the site and the construction of roads and sewers, with the first modules to be delivered in the summer from the factory in Sherburn-in-Elmet, Yorkshire.
Legal & General’s modular housing business now has more than 300 employees and is looking to hire an additional 350 across 2021.
Rosie Toogood, chief executive of Legal & General Modular Homes, said: “Acquiring and beginning construction on Lockleaze is an exciting milestone for the business as we see our modular homes becoming part of communities across the UK. The modular construction sector is transforming the way homes are built and addressing the housing shortage. This forms part of our purpose of investing society’s capital for society’s benefit. The housing crisis is a human crisis and only more important as part of the UK’s post-pandemic recovery, and as people become more aware of the link between their health and wellbeing, and their homes and supporting communities.”
Legal & General Modular Homes is part of Legal & General Capital (LGC), which now has residential assets of £1,738m, up from £1,483m at the start of 2020.
LGC's Affordable Homes business has a development pipeline of more than 4,400 homes across 92 sites.
Its Build to Rent business has a £1.8bn portfolio of c.5,500 homes with 15 schemes in operation or development across UK town and city centres. In November 2020, LGC launched its Suburban Build to Rent business.
LGC’s Build to Sell business, is Cala Homes, which it fully acquired in 2018.