Joint venture partners Audley Group and Senior Living Investment Partners (SLIP) have unveiled plans to deliver Brent Cross Town’s first retirement village.
The project is the second investment made by Audley and SLIP – a £200m partnership between Octopus Real Estate and Pension Insurance Corporation (PIC) – following the announcement of the JV’s debut site in Headley Court, Surrey, last month.
The partners have acquired a 0.6-acre site at Brent Cross Town on which they will develop a retirement village with circa 150 homes, which will operate under Audley Group’s Mayfield Villages brand.
The retirement village will offer a wide range of amenities including a café and bistro, gym, swimming pool, spa, relaxation area and village hall.
Brent Cross Town development manager Related Argent will lead the early planning and design process in collaboration with Audley Group, with construction of the new retirement village expected to start by the end of 2024.
Tom Goodall, managing director of Related Argent, said: “Securing the right partner for our senior living offer at Brent Cross Town was extremely important to us. We are creating one of the largest town centre developments across Europe and providing homes and amenities for all ages is critical to its success. We are pleased to welcome a joint venture of this calibre that brings extensive expertise in the sector and demonstrates the strength of Brent Cross Town which continues to attract significant inward investment.”
Kevin Beirne, head of retirement at Octopus Real Estate, added: “To have an IRC at the centre of such an impactful regeneration project is a fantastic result for the wider later living sector. The net zero credentials of this scheme are laudable, and demonstrate our commitment to helping the UK meet its net zero by 2050 target. It’s fitting too that a retirement village benefits from this; older people spend more time in their homes than any other cohort.
“The efficiency of these new homes will deliver real value for residents in the form of thermal comfort and lower energy bills. Through our SLIP partnership with PIC, we aim to deliver some of the highest quality developments the later living sector has ever seen, with a drive towards both carbon efficiency and significant health and wellbeing benefits for the UK’s older population. This scheme is a great example of that.”
Hayley Rees, managing director at PIC Capital, said: “Our latest integrated retirement community investment is part of the wider regeneration project in Brent Cross, where the focus extends beyond constructing new homes into the creation of a vibrant multi-generational community. Our investment into this future net zero town highlights our commitment to creating a sustainable and inclusive space that supports the needs of our residents and the wider community.
“Together, we’re creating a future where senior living becomes a cornerstone of a thriving and connected neighbourhood. The focus on regeneration and sustainability in Brent Cross embodies PIC’s purposeful finance ethos – safely investing in the UK in order to pay the pensions of our policyholders.”
Nick Sanderson, CEO of Audley Group, said: “The demand for retirement villages continues to grow, and with an aging population there is an urgent need to build more units. Brent Cross Town will be our second Mayfield village, and I’m delighted to work with our JV partners and with Related Argent and Barnet Council to meet that demand in north London. Mixed use developments which include integrated retirement living are vital to create vibrant, intergenerational communities.”
Councillor Ross Houston, deputy leader of Barnet Council and Cabinet Member for Homes and Regeneration, added: “Barnet’s new net-zero park town has been carefully designed to meet the needs of our residents now and in the future with a range of options including social housing, private sale homes, student accommodation and homes built to rent. I also welcome the investment in more high quality, specialist housing options for later living in our borough, which will sit at the heart of this vibrant new mixed community that provides everything needed to live an independent, fulfilled life.”
Knight Frank led the marketing process on behalf of Brent Cross Town.
