Legal & General’s housebuilding arm has acquired a 78-acre site in South East England for an undisclosed sum.

Legal & General Homes said the site in Shrivenham, Oxfordshire, has an outline planning for 515 new homes.

The acquisition represents the third major site being brought forward Legal & General Homes, bringing its housing pipeline to over 3,000 new homes, it said.

Construction for the first phase of new homes is due to start at the end of next year. 180 of the homes will be affordable housing.

Legal & General Homes already has two consented schemes, which are located in Berkshire where its head office is based.

The company said it is now on site building 1,000 new homes on its 250 acre site in Crowthorne and will also begin on site on 1,500 new homes at its 272 acre site in Finchampstead (near Arborfield) at the end of 2018.

James Lidgate, CEO of Legal & General Homes, said: “As well as addressing the chronic shortfall of housing in the UK, Legal & General Homes is looking to regenerate the UK’s landscape for the better and build vibrant communities where people want to live, such as this sought after location in Oxfordshire.

“Using Legal & General’s long term capital, we are seeking to create a legacy that we are proud of.”

 Legal & General plans to build more than 80,000 new homes over the next five to ten years.