Real estate investment firm Fore Partnership has formed a joint venture with extra care operator Amicala to deliver “ultra-sustainable” later living developments in South and Central England.
The joint venture is seeking opportunities to develop as much as £300 million in ultra-sustainable net zero extra care communities, providing as many as 1,000 later-living homes. Target projects have a minimum potential of 100 units, and will be located in regional centres such as Bristol, Brighton, Birmingham, Cambridge, and within the M25.
The partnership’s first scheme will be in Bristol, after the joint venture completed the acquisition of a five-acre site in the Westbury Park area to the north of the city centre. The site, purchased from Aurora, is on the grounds of the former St Christopher’s School, which closed last year, and comprises around 93,000 square feet of existing buildings including the Grade-II listed Grace House. The scheme, which could see an investment of up to £80 million, will involve the sympathetic and sustainable refurbishment of the existing buildings as well as new development.
The joint venture partners stated that the Bristol extra care community will be designed to the highest standards in sustainability and will be net zero carbon in operation. It will also be designed to deliver social benefit to the local community and promote principles of sustainable living and the circular economy, with a particular focus on on-site food production in partnership with local social enterprises.
The move marks Fore’s first foray into extra care after developing a range of commercial and residential assets, including offices and co-living properties that place a premium on driving positive environmental and social returns. The company became a B Corporation last year, committing it to pursue purpose alongside profit, and has set a target to achieve net-zero carbon across its business and portfolio by 2025.
Amicala is part of Seniors Living Group along with Allegra Care.
The JV has appointed mixed-use developer First Base as development manager, with the appointment of a design team and engagement with local residents, businesses, and stakeholders due to begin shortly.
Basil Demeroutis, managing partner, at Fore, said: “It has been made abundantly clear as the UK has lived through the Covid pandemic that the quality of our homes has a huge impact on our health and wellbeing. This is true for seniors as much as anyone and we want to bring our experience in developing ultra-sustainable, thoughtfully designed buildings to bare in creating a new generation of net zero carbon later living developments around the UK. With Amicala, we have a real alignment of values, sharing a commitment to sustainability and social impact, and see huge potential in this partnership to create communities that produce positive outcomes for their residents in terms of health, wellbeing, and quality of life, while also being good for their local community and the planet.”
Paul Spence, chief executive of Amicala, added: “The need for high-quality extra care communities has never been greater. With an ageing population, now is the time to create exciting, attractive and sustainable communities that deliver for seniors that support ageing in place. Together with Fore Partnership, we will deliver communities that are designed to meet the expectations of the new generation of retirees, reflecting the values that we share with them.”
First Base director Lucinda Mitchell commented: “St Christopher’s has a rich history in Bristol and we very much look forward to engaging with local residents, businesses, Bristol City Council and key stakeholders over the coming months as we start to formulate the future plans. At the heart of the proposals will be a strong focus on high-quality design, environmental sustainability, repurposing heritage buildings and delivering positive social impact to the local community.”
Squire Patton Boggs acted as legal advisor to Fore Partnership and Amicala. Cushman & Wakefield and Shoosmith’s acted for the vendor.
Date published: May 25, 2021