Retirement homes provider Birchgrove has acquired a 60-apartment retirement community in Mill Hill, North London, for £36m.
Ayrton House, which sits at the heart of the Ridgeway Views residential scheme, will offer 60 purpose-built, self-contained, one-, two- and three-bed apartments on the site of a historic former medical research institute.
The on-site amenity provision will include a restaurant, club room, licensed bar and wellness suite, as well as landscaped gardens.
The 60 units will be delivered in turnkey condition next year and have been funded by £10.2m of equity funding from Bridges Fund Management and a development facility from Octopus Real Estate.
Honor Barratt, chief executive of Birchgrove, said: “Ever since Birchgrove’s mid-market rental concept was launched in 2017 the model has gone from strength to strength, enabling over-65s to live flexibly without the burden of home ownership. The acquisition of our ninth site in just six years, including three major developments across London, is testament to how transformative our model has been to later living; now, we look forward to extending our portfolio even further across London, the Home Counties and beyond.”
Jack Copley, partner in the seniors housing team at Knight Frank, added: “This unique scheme presented a great opportunity for both parties. This forward funding deal ensures our client can expedite the final phase of their residential masterplan, while Birchgrove has added another impressive site to its expanding Grade A portfolio.
“Birchgrove are at the forefront of the UK’s senior’s rental market. Following this landmark transaction, we expect to see a number of further seniors housing forward fund deals and partnerships come forward based on current market requirements.”
