Elysian Residences has partnered with Octopus Real Estate and Schroders Real Estate to expand its developments with the delivery of £200 million worth of retirement villages, starting with a new 103 home retirement village in Berkhamsted, Hertfordshire.

At present, Elysian Residences has a £700 million portfolio of seven retirement villages, including two operating projects and a new site scheduled to launch in Hampstead, with three more in the pipeline.

The new purpose-built development at Berkhamsted is located off Shootersway, and will be branded as an Elysian Residences Scheme, and will provide 103 apartments and hotel-style facilities, aimed specifically at retirees.

The scheme is designed to create a thriving community, spread across three interconnected pavilion-style buildings which open out onto terraces and gardens. Features will include a double-height lobby, a restaurant, bar, library, function room, gymnasium, and treatment rooms, along with 24-hour care if required.

Elysian Residences specialise in vertical living and luxury retirement facilities, led by CEO Gavin Stein, and offer homeowners specifically designed properties with the amenities of a high-end hotel, with the additional care and support, as expected with retirement living.

Demand for these services is currently being driven by an ageing population, as well as the need to ease pressure on the NHS, whilst creating jobs at the same time and helping facilitate a better and healthier lifestyle for older people.

Gavin Stein, chief executive officer at Elysian Residences said “Elysian Residences are delighted with the new investment partnership with Octopus Real Estate and Schroders Real Estate and the unveiling of the partnership’s first project in Berkhamsted. This latest development is part of our ongoing expansion plans and Elysian Residences are actively looking for new sites and investment opportunities as part of our vision to be the foremost provider of inspiring and elegant retirement communities in the UK.”

Kevin Beirne, head of retirement at Octopus Real Estate said “We are delighted to enter into this joint venture for the fund with Elysian Residences who truly bring to life the investment case for one of the largest alternative residential sectors in the UK. As we come through the pandemic, the benefits of community living and retirement villages have been made clear. As a specialist real estate investor, we understand first-hand the scale of the investment opportunity for retirement communities and the important role that institutional investors can play in developing the sector to meet future demand

In line with our existing multi-operator strategy, we will continue to work with partners to identify first-rate investment opportunities across the UK which deliver strong diversification benefits and returns to our investors as we invest to unlock the potential of the sector. By so doing we aim to give people more choice as to how and where they spend their retirement, with desirable real estate offering them an attractive lifestyle and an opportunity to live some of the best years of their life through a fulfilling retirement.”

Patrick Bone, fund manager at Schroder Real Estate Capital Partners said “We are delighted to announce the second joint venture alongside Octopus Real Estate with Elysian Residences.  The pandemic has highlighted the growing need for specialist retirement housing to support the elderly population in the UK and we are committed to developing high-quality retirement communities.”

Planning for the development has been secured, and construction is set to start in the Autumn.

Image source: Collado Collins Architects

© Eastern Echo (powered by ukpropertyforums.com).

Sign up to receive your free monthly Eastern Echo newsletter here.