octopus real estate

Octopus, Schroders and Elysian Residences form JV to deliver retirement villages



Octopus Real Estate, Schroders Real Estate and Elysian Residences have announced the formation of a major new joint venture to bring forward retirement communities.

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The new communities will provide age-exclusive new homes for retirees and are targeted to generate close to £200m GDV.

The first project will be a scheme in Berkhamsted, Hertfordshire, for which planning permission has been secured.

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.

The development will be built as three interconnected pavilion buildings, designed in a contemporary style, with the living spaces opening onto terraces, gardens and mature trees.

Construction is set to start in autumn.

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.

It also aims to deliver significant employment creation and to ease the pressure on the NHS by facilitating a healthy lifestyle for the older population.

Kevin Beirne, director and head of retirement at Octopus Real Estate, said: “As a specialist real estate investor, we are really pleased to be launching this new and second joint venture. 

“We believe Elysian Residences demonstrates how to bring to life the potential for the largest alternative residential sector in the UK. 

“As we come through the pandemic, we understand the scale of the investment opportunity for retirement communities and are ready to play an increasing investment role in bringing opportunity for our older population to enjoy a great lifestyle.”

Gavin Stein, CEO at Elysian Residences, commented: “This latest development is part of our ongoing expansion plans and Elysian Residences is actively looking for new sites and investment opportunities as part of its 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, added: “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.”



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