Audley Group has exchanged contracts with the Watford Riverwell Partnership on its first site for Mayfield Villages, a new offering designed to meet growing demand for modern, mainstream retirement accommodation in the UK.
The chosen site in Watford, Hertfordshire, will deliver a 25,824 sqm retirement village with 253 properties for the over 55s and is a major step forward in an ambitious five year growth plan for the business. Once complete, the village will form part of Watford Riverwell, a £400 million mixed use regeneration partnership between Watford Borough Council and Kier Property that is transforming the area around Watford General Hospital and delivering new homes, shops, community facilities and open spaces.
Mayfield Villages was launched following extensive research undertaken by Audley to determine the growth potential for attractive, contemporary retirement property with care provision in the mid-market. The potential is substantial: there are 4.5 million potential customers across the UK. 40 per cent of people in Watford alone will be over 65 by 2030. Years of success in the premium retirement property sector is allowing Audley to invest £400m in Mayfield Villages over the next five years, with a target of a further four locations in that period.
As with the original Audley Villages model, all Mayfield villages will provide 24 hour on-site care provided by Audley Care, which is registered and audited by the Care Quality Commission (CQC). A selection of one and two bed apartments will be available for purchase, with one bed properties starting from £262,500.
Nick Sanderson, CEO, Audley Group, says: “Our first Mayfield site marks a highly significant stage in the development of our business, and is a key milestone in meeting the growing demand for high quality retirement housing across the UK. The opportunity in this market segment is substantial, and we are extremely well-placed to meet that need.
“The Watford Riverwell regeneration project presents the perfect opportunity to set the bar for future Mayfield Villages locations: vibrant, urban communities with contemporary properties to facilitate independent lifestyles.
“Many older people are remaining in homes unsuited to their changing needs simply because there are no attractive alternatives. Creating aspirational retirement property in the middle section of the market is therefore critical, and addressing this need is an exciting step forward.”
Pip Prongue, managing director (South) for Kier Property, says: “We are delighted to have secured Mayfield Villages as a partner. This agreement marks another important step towards the delivery of the Watford Riverwell regeneration project and will further enhance the scheme’s housing offer.”
Baroness Dorothy Thornhill, elected Mayor of Watford, says: “This is great news for Watford. The town is in real need of good quality retirement homes and Mayfield’s plans will offer a fantastic option for our residents as they reach retirement age, Watford Riverwell is a perfect location for the Mayfield Village with Watford General Hospital close by. Health and wellbeing have always been part of our vision for Riverwell and so the Audley Group’s plans are a perfect fit.”
Every Mayfield village will have at its heart a Mayfield Club. Owners automatically become members of the Club which will include a vibrant bar and restaurant, swimming pool, fitness rooms and spa.
