Audley Group

Audley Group forms JV to fund development of four retirement villages



Audley Group has formed a joint venture with Schroders and Octopus Real Estate to fund the development of four retirement villages.

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.

“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”.


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