Apache Capital Partners and Audley Group have announced that they have formed a new joint venture (JV) to deliver a 13,750 sqm luxury retirement village on Nightingale Lane, overlooking Clapham Common. The scheme has a gross development value of £125 million.
Apache Capital has already secured planning permission for the site, situated on a former police station. The project will deliver one of the first retirement villages in central London, providing excellent transport links and with a wide variety of shops and amenities nearby.
On completion, the retirement village will bring Audley’s luxury proposition to a new London audience who will have the opportunity to buy apartments of exceptional quality, designed to the highest specification and combined with flexible care as and when needed.
The JV is seeking minor internal alterations to the existing planning permission, the main change being a reduction in the number of units from the original 102. In collaboration with Quad architects, the JV will shortly submit an application to deliver a premium, high specification retirement village comprising 94 apartments of between one and three beds, all with balconies or terraces, with 18 basement parking spaces and significant landscaped gardens both at ground and roof level.
Construction is anticipated to commence by mid 2018 with completion expected in 2020.
Richard Jackson, Co-Founder and Managing Director of Apache Capital Partners, said, “Retirement housing is an evolving investment model in the UK which we have long believed would and is now developing into an institutional asset class. We look forward to increasing our exposure to this sector which is currently chronically undersupplied, particularly in London, and facing rapidly growing demographic demand.
Nick Sanderson, CEO of Audley Group, added, “To be able to bring the Audley Villages brand to the Capital is a significant milestone for the business and demonstrates the scale of our ambition to offer aspirational retirement living options to as many people as possible.
“It is a myth that everyone wants to move to the country as they get older and our own research has shown us that many people want to stay in the same locality; there is also a trend of older people moving back in to cities. London is one of the world’s most vibrant cities and many do not want to leave the city they love simply because their homes are no longer suitable for their changing needs, but may have found few housing options which would allow them to stay.
“Audley now has 16 villages across the UK providing over 1,000 properties and plans to double this number over the next five years by completing its current villages as well as acquiring new sites.”