Rangeford Villages, the award-winning operator and developer of later living accommodation, announces the acquisition of Homewood Grove, Chertsey. The company continues to deliver its ambitious growth plans to provide service-led later living communities across the UK to meet the needs of the large ageing population in the UK. The village will offer 140 one, two and three bedroom apartments and cottages and the first phase is expected to be completed in 2024.
The 4.7-acre site has been acquired with planning consent for a retirement village of 116 units (phase 1) and potential to deliver 24 units (phase 2) subject to planning permission, and will expect to have a gross development value of £90 million on completion. Construction will commence in Spring 2022 and the first showhome is expected to be launched in Spring 2023.
Rangeford have created a full service Rangeford specification retirement village development, with state-of-the-art facilities including a restaurant and coffee shop, village hall, wellness centre (pool, gym, steam room and sauna), and bistro and bar as well as beautiful outside spaces with a boule court and croquet lawn. The village will also offer integrated concierge and CQC registered care services.
Located to the west of Chertsey, Surrey, the development is very well connected with easy access to the M25. It has an attractive setting close to the towns of Chertsey (1.6 miles), Chobham (4 miles),Weybridge (3.9 miles) and Cobham (4.2 miles) each of which offers a wide array of amenities.
Rangeford Villages has teamed up with Octopus Real Estate, part of the Octopus Group and a leading investor in healthcare facilities throughout the UK and Ireland, for the project. Once completed it will be operated by Rangeford. The established partnership between Rangeford and Octopus Real Estate has already led to the creation of three successful retirement villages across the UK: Wadswick Green in Wiltshire, Mickle Hill in North Yorkshire, and Siddington Park in Cirencester.
Howard Nankivell, CEO of Rangeford Villages, comments: “The growth of our portfolio is a reflection of the growing demand for high-quality retirement properties.
“The coronavirus pandemic has shone a light on our social care system and forced us to reflect on the fact that we urgently need to develop more housing for the ageing population. Research shows that if 250,000 people lived in retirement housing with care by 2030, this would save the NHS and the social care sector £5.6 billion. However, it is reported that there are just 78,000 housing with care properties in the UK, accommodating only 0.8 per cent of the eligible population.
“We have an important role to play in providing high quality later living housing across the UK and in helping our residents live in good health for longer, we continue help to take some of the strain off the NHS and social care system that has been exacerbated by the pandemic.”
Kevin Beirne, Director, Head of Retirement at Octopus Real Estate, commented: “We are pleased to be investing in another quality retirement village with Rangeford, it offers the prospect of good returns for investors and strong impact by improving older people’s health and wellbeing. The national lockdowns have highlighted the benefits that retirement communities bring and the growing importance of this residential sector to both customers and investors.”
Daniel Perfect, Land and Development Director at Rangeford Villages, added: “Homewood Grove will be ideally located for retirees to embrace all that retirement has to offer. It will have good connections to the rest of the country, convenient access to thriving towns such as Woking and Weybridge, whilst still being surrounded by nature. The local hospital is also nearby, so retirees will be able to live independently with complete confidence.”
“Homewood Grove is a great example of the sort of land we are looking for, with its location and scope for development providing an excellent opportunity to deliver age-appropriate accommodation, lifestyle and wellbeing services to our communities.”