Trowers advises SLIP and Audley Group on UK retirement living joint venture
Trowers has advised Senior Living Investment Partners (SLIP) and the Audley Group on their joint venture which includes the purchase and construction of a luxury retirement community in Headley as well as the first retirement village in Brent Cross. There are also plans for the purchase and development of two further integrated retirement communities in the pipeline.
The retirement community in Headley will be based at the Headley Court site and will involve the conversion and refurbishment of the listed Mansion House building. The development will include 112 apartments, a health and wellbeing club, a restaurant and landscaped grounds for residents to enjoy.
The retirement village at Brent Cross will form part of the £8bn urban regeneration project of Brent Cross Town, which is among Europe's largest urban regeneration projects. This development will deliver c.150 retirement units along with 14,627sq of amenities as part of Audley Group's Mayfield Villages brand.
Across the 4 sites, over 600 retirement living units will be created which will significantly increase the supply of quality retirement living accommodation available in the UK, helping to ease the demand for specialist housing for an ageing population.
Lizzie Pillinger, Partner in the Real Estate team at Trowers, commented:
"We are delighted to have played a role in advising on this landmark investment into the retirement living market. The joint venture will lead to the development of state of the art retirement housing which is much needed at a time when there is an increasing demand for retirement living facilities and pressure on our health and social care systems."
The work involved was complex involving cross-jurisdictional trust structures and required input across the corporate, real estate, planning, construction and energy and infrastructure departments.
Corporate team was led by Tim Nye and Adrian Jones with assistance from Will Barakat and Dan Butt.
The Real Estate team was led by Lizzie Pillinger with assistance from Shivana Sood, Ugo Ebhogiaye, Katie Evans and Matteo Silva, with Marisia Robson providing input on planning aspects.
The Construction team was led by James Huckstep with assistance from Ivy Acorda and Amy Bentall.
Megan Coulton advised on energy and infrastructure at Brent Cross Town.
Kevin Beirne, Head or Retirement at Octopus Real Estate as highlighted how through their SLIP partnership with PIC they "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."
Max Cawthorn, Head of PIC Capital Strategy also recognises the significance of this new joint venture which "continues to make excellent progress in helping to meet the twin challenge of an ageing population and an undersupply of appropriate housing and will help address these societal issues".
While Nick Sanderson, CEO of Audley Group has said that "Brent Cross Town will be our second Mayfield Village and it marks a real landmark for both us at Audley Group and the sector, as we meet demands of an ageing population.