Audley Group and Apache Capital complete £125m retirement village development
Retirement village business Audley Group and real estate investment company Apache Capital have completed a central London scheme with a gross development value (GDV) of £125m.
The luxury retirement village development, one of London’s first, offers 94 apartments and a suite of on-site physical and mental wellbeing facilities.
The completion of the scheme marks Audley Group’s first London-based development, and the first in Apache Capital’s pipeline of senior living facilities.
Having previously bought the site, Apache Capital enlisted Audley Group to deliver the homes in 2017; this joint venture is the first project the two companies have completed together.
This joint venture reflects the growing demand for senior living options in the face of an ageing population in the UK.
Savills has predicted that the UK retirement housing market could eventually be worth close to £250bn, up from below £100bn today.
Kevin Shaw, managing director, development, at Audley Group, said: “We are really proud to be able to open the doors to our first London village in May and bring luxury retirement living to the capital.
“It is important at all times, but especially in exceptional circumstances, that older people have the support they need, including access to care and facilities close by.
“In the current climate, the support we can provide has been invaluable to our owners, from shopping for them and visits from our wonderful carers if needed, to a strong programme of virtual activities and entertainment.
“We are delighted to have completed the build on a much sought-after London retirement village.
“These are testing times, but the demand for villages like ours remains extremely high, and fulfilling those needs is vital for us.
“Audley Nightingale Place will allow owners to downsize into a home where they can still retain their independence with the knowledge and comfort that care and wellbeing services are there for them whatever their current and future needs.”
Ben Pile, investment director and head of senior living at Apache Capital Partners, added: “Senior living is one of the most promising sectors in the UK housing market, being a demographically and structurally supported asset class with huge scope for growth thanks to the UK’s ageing population and lack of high quality product.
“As with the other sectors we are active or have been active in, such as build-to-rent and purpose-built student accommodation, the UK senior living market remains relatively immature, underlining the massive opportunity for investors to create value and achieve scale.
“What we have delivered with Audley will raise the bar for retirement villages in London and we will continue to expand our presence in senior living and deliver further high quality schemes.”