L&G Modular has acquired a nine-acre site for a total of 80 homes in Littlestone, Kent.
The move brings the total number of housing schemes the modular housing business – a subsidiary of the wider L&G business – has in development to four.
The firm, which delivers fully modular homes from its factory in Sherburn-in-Elmet near Leeds, said it will build all the homes for either social rent or shared ownership.
It added that it is currently in discussions with housing associations to take over the scheme after completion.
The development brings L&G’s total development pipeline to 750 homes, with the company aiming to build 3,000 homes per year by 2024.
Commenting on the move, Rosie Toogood, CEO of Legal & General Modular Homes, said: “In a post pandemic environment, the importance of delivering affordable, carbon-friendly homes, set within green open spaces and at the heart of a well-connected local community has moved to the top of the agenda.
“Through modular construction, Legal & General is able to deliver all of this and in half the time of traditional methods.
“We are excited to start working with the planning authority to deliver a scheme that meets local requirements and that will showcase the part modular can play in helping the UK to Build Back Better.”
L&G Modular recently reported a £30m loss on zero revenue for the 2020 calendar year.
The company has also reported nearly £140m of losses in the five years it has traded, against minimal revenue.
The business is funded and backed by L&G Capital.
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