Real estate lender and investor Octopus Real Estate, Schroders Real Estate and Elysian Residences have formed a joint venture to create retirement communities.
The luxurious new communities will provide homes for retirees and are targeted to generate close to £200 million of gross development value.
Construction on the first scheme in Berkhamsted, Hertfordshire is due to commence in the autumn and will be branded as an Elysian Residences scheme. It will provide 103 apartments and hotel-style facilities including a double-height lobby, restaurant, bar, library, function room, gymnasium and treatment rooms, with homeowners able to access 24-hour care if required. It features three interconnected pavilion buildings, with the living spaces opening onto terraces, gardens and mature trees.
Kevin Beirne, director, head of retirement at Octopus Real Estate, said: “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.”
Gavin Stein, chief executive of Elysian Residences, added: “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.”
Patrick Bone, fund manager at Schroder Real Estate Capital Partners, commented: “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.”
Date published: April 20, 2021