Octopus Real Estate, Schroders Real Estate and Elysian Residences have announced the formation of a major new joint venture to bring forward market-leading retirement communities. The luxurious new communities will provide age exclusive new homes for retirees and are targeted to generate close to £200m of GDV. Construction on the first scheme in Berkhamsted, Hertfordshire is due to commence in the Autumn.
Located off Shootersway in Berkshamsted, the new purpose-built retirement village will be branded as an Elysian Residences scheme and 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. Designed to create a thriving community, the new development will provide three elegant, interconnected pavilion buildings, designed in a contemporary style, with the living spaces opening onto terraces, gardens and mature trees.
The ongoing investment in the retirement sector is designed to help address the undersupply of high-quality retirement housing in the UK, where demand is being driven by a growing ageing population, as well as delivering significant employment creation and easing the pressure on the NHS by facilitating a healthy lifestyle for the older population.
Kevin Beirne, Director, Head of Retirement at Octopus Real Estate, commented
“We are delighted to enter into this joint venture for the fund with Elysian Residences who truly bring to life the investment case for one of the largest alternative residential sectors in the UK. As we come through the pandemic, the benefits of community living and retirement villages have been made clear. As a specialist real estate investor, we understand first-hand the scale of the investment opportunity for retirement communities and the important role that institutional investors can play in developing the sector to meet future demand.
“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 Office, Elysian Residences, commented:
“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:
“We are delighted to announce the second joint venture alongside Octopus Real Estate with Elysian Residences. 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.”
