The agreement covers Audley’s village sites at Cobham in Surrey, Sunningdale Park in Berkshire, Scarcroft in West Yorkshire and Stanbridge Earls in Hampshire.

A total of more than 500 units — together with extensive facilities — will be provided, with the four villages expected to represent a total GDV in the region of £400m.

•   DFT roundtable: Reliable lenders, changing student demands and planning benefits in the PBSA market
•   Audley Group submits planning for its first carbon-neutral development
•   £51m build contract agreed for London retirement village

“This new JV structure allows us to execute our model in a way which is far less capital intensive, but still delivers the first-class product which the market demands,” said Nick Sanderson, founder and chief executive at Audley Group.
 
Kevin Beirne, director of retirement at Octopus Real Estate, added: “We’re delighted to be working alongside Audley in this strategic partnership to create the much-needed retirement community real estate for the older population.

“I believe the new communities we are helping to create will set a standard that will really stimulate this market.”

Patrick Bone, fund manager at Schroders, also stated that this strategy would deliver a “positive social impact”.