Luxury retirement village provider Audley Group has formed a joint venture (JV) with the real estate arm of Schroders and Octopus Real Estate.
The JV will be used to fund the £400m, 500-unit development of four retirement villages in Cobham, Surrey; Sunningdale Park, Berkshire (pictured); Scarcroft, West Yorkshire; and Stanbridge Earls, Hampshire.
Audley will provide care to people living in their own homes, within the retirement villages.
Nick Sanderson, founder and chief executive, Audley Group, said: “This new JV structure allows us to execute our model in a way which is far less capital intensive, but still delivers the first-class product which the market demands.
“Schroders and Octopus Real Estate have recognised the significant opportunity in the retirement living space and I look forward to working with them as we deliver these four villages.”
Kevin Beirne, director of Retirement at Octopus Real Estate, added: “We’re delighted to be working alongside Audley in this strategic partnership to create the much-needed retirement community real estate for the older population. It is fitting that our first investment alongside Schroders is with the retirement communities sector leader.”
Schroders Real Estate and Octopus Real Estate will provide the majority of funding for the developments alongside Audley Group.
Last month, the Minister of Care said retirement communities will play a major role in meeting the housing and care needs of the ageing population.
Speaking at the ARCO’s What Next? 2019 Conference in London, Caroline Dinenage said plans to deliver more retirement communities will feature in the Social Care Green Paper, when it appears.