Partnership to deliver retirement living specialist’s 21st care village
Audley Group, the UK’s leading provider of luxury retirement villages, has formed a joint venture (JV) with the Royal London Pension Property Fund to deliver a new retirement village in Buckinghamshire.
Audley Wycliffe Park will become the 21st village in Audley Group’s portfolio, with a gross development value (GDV) of £80m.
The new JV agreement marks Royal London’s first investment into the retirement living sector and covers a 25-acre site at Horsleys Green, between Stokenchurch and High Wycombe.
The village will provide a total of 156 retirement living properties and luxury communal facilities.
The Royal London Pension Property Fund will provide the capital for the development and will retain freehold ownership when all properties are sold.
Audley Group will then sign a 250-year lease, giving the fund secure, inflation-linked income.
The retirement living sector has significant investment potential, one which is only set to grow as the government places more attention on fixing the broken social care model by increasing the supply of suitable housing
Audley will also take on the operational running of the village, including the sales and marketing of all the properties.
The purpose-build villages enable owners to live an independent and healthy lifestyle in their own homes, with flexible care, wellbeing services, and support on hand when needed.
These services are accessible to both property owners and neighbouring communities.
Audley Villages are also home to the Audley Club, offering facilities to owners, local members and Audley owners from all villages around the UK. These facilities include a library, restaurant and bar, swimming pool, and luxury health club.
Nick Sanderson, founder and chief executive of Audley Group, said: “This new innovative JV structure highlights the breadth of opportunities for investors within the retirement living sector.
“We are delighted that such a major new entrant to the market has recognised the stability, security and longevity of this sector.
This new innovative JV structure highlights the breadth of opportunities for investors within the retirement living sector
“Working with Royal London allows us to deliver our first-class offering in a way which is less capital intensive and provides Royal London with a secure, inflationary-linked, long-term income stream.
He added: “The retirement living sector has significant investment potential, one which is only set to grow as the government places more attention on fixing the broken social care model by increasing the supply of suitable housing that can provide care and wellbeing services and help preserve independence for as long as possible.
“The demand for retirement village living continues to expand and we have no doubt that this is just the start of a fruitful working relationship with Royal London.”