Senior Living Investment Partners, a £200m partnership between Pension Insurance Corporation and Octopus Real Estate, has formed a multi-site joint venture with Audley Group to develop up to four new retirement communities.
SLIP says it aims to house up to 2,000 people in the coming years across 10 integrated retirement communities and deliver £1bn into the sector.
The integrated retirement communities SLIP is developing with Audley Group will create 600 new retirement homes across four new villages, the first of which will transform Headley Court in Surrey, a Grade II Listed historic mansion house.
The Audley Village scheme will consist of 112 apartments and will restore the extensive landscaped grounds, which will be made available for the local community to enjoy for the first time in its history.
The scheme will include the Audley Club, a health and wellbeing centre for those in the local area aged 55 and above, as well as a restaurant.
Other villages to be developed by the jv will include sites under the brands Audley and Mayfield, the latter of which is also a part of Audley Group.
PIC head of capital strategy Max Cawthorn said: “Our joint venture with Octopus Real Estate continues to make excellent progress in helping to meet the twin challenge of an ageing population and an undersupply of appropriate housing.”
Audley Group founder and chief executive Nick Sanderson said: “Octopus Real Estate and PIC have recognised the opportunity in the retirement space and it’s wonderful to see a new jv with dedicated capital to grow the sector.
“We have been working with jv partners for some time. It allows us to execute the model in a less capital-intensive manner, which in turn means we can accelerate the delivery of these much-needed villages.”
To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews
