SLIP, a £200m partnership between Pension Insurance Corporation and Octopus Real Estate, has agreed to back up to four developments under the Audley and Mayfield brands.
Mayfield is Audley Group’s less expensive retirement offering.
SLIP aims to house up to 2,000 people in the coming years across 10 retirement complexes. and deliver c.£1bn in Gross Development Value into the sector. The retirement schemes that SLIP is developing with Audley Group will create 600 units across four new villages, the first of which will transform Headley Court in Leatherhead, Surrey.
Audley Village at Headley Court will have 112 retirement flats in and around the Grade II listed Victorian mansion house as well as a ‘club house’ with restaurant.
Audley Group founder and chief executive Nick Sanderson said: “The demand for retirement villages is only growing. Octopus Real Estate and PIC have recognised the opportunity in the retirement space and it’s wonderful to see a new JV with dedicated capital to grow the sector.
“We have been working with JV partners for some time; it allows us to execute the model in a less capital-intensive manner, which in turn means we can accelerate the delivery of these much-needed villages. Headley Court is a truly unique site, rich in both history and beauty.”
Max Cawthorn, head of capital strategy at Pension Insurance Corporation, said: “Our joint venture with Octopus Real Estate continues to make excellent progress in helping to meet the twin challenge of an ageing population and an undersupply of appropriate housing. The calibre of Audley Group and its long experience in the UK retirement market make it a perfect partner for Senior Living Investment Partners. Through our relationship we will help address these societal issues while also providing long-term, secure investments which underpin the pensions we pay to our policyholders.”
The SLIP joint venture with Audley sits alongside a previous agreement that Senior Living Investment Partners also has with Elysian Residences to build a £115m retirement complex in St Albans.
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