A joint venture has been formed between retirement village provider Audley Group and Royal London Pension Property Fund to develop an £80 million scheme near High Wycombe.
Audley Wycliffe Park, at Horsleys Green between Stokenchurch and High Wycombe, will be the Audley Group’s 21 development and will bring 156 properties.
The fund will provide the capital and retain the freeholds while properties are sold on 250-year leases.
Audley will run the village and operate the sales and marketing of all the apartments. Audley will also oversee the design and fit out of its ‘club’ facilities. Owners will be able to use a library, restaurant and bar, swimming pool and luxury health club. Audley Care will be on hand to look after residents.
Nick Sanderson, 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. 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.
“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.”
© Thames Tap No 223 (powered by ukpropertyforums.com).
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