Retirement homes provider Birchgrove has purchased a 78-apartment development in Hampton Court from Octagon Developments for £39m.
The development will provide 78 contemporary, self-contained assisted living one-, two- and three-bedroom apartments available to renters aged over 65. The onsite amenity provision includes a restaurant, club room, licensed bar, wellness suite, library and landscaped gardens.
Hampton Court is Birchgrove’s eighth development with its equity partners Bridges Fund Management and follows the successful exit of its first two neighbourhoods to M&G last year. The debt is provided by Beaufort Capital.
The project’s GDV is forecast to increase to £68m once all units are fully let and Octagon will deliver the apartments on a turnkey basis by 2025.
Honor Barratt, chief executive of Birchgrove, said: “Our new site at Hampton Court will encapsulate all the benefits of the Birchgrove offering: beautiful, purpose-built apartments, a flexible rental model, publicly accessible communal spaces and a development that frees up homes for local families. Imagine being able to sit on your balcony and look over the Thames into the back garden of Henry VIII – who wouldn’t want to live like that?
“With more and more retirees looking to rent, London is firmly in our sights to expand our portfolio, and having secured sites in Chiswick and Hampton Court we look forward to announcing further exciting news in the capital soon.”
Tim Banks, CEO of the Octagon Group, added: “We are delighted to have sold such a significant and impressive Surrey site to Birchgrove, who, like Octagon, offer a unique customer-first service.”
