Audley Group and Royal London Pension Property Fund have formed a joint venture to deliver an £80m retirement village in Buckinghamshire.
Audley Wycliffe Park, which will become the 21st village in Audley’s portfolio, will provide 156 retirement properties and luxury facilities.
The jv marks Royal London’s first investment into the retirement living sector and covers a 25-acre site at Horsleys Green, between Stokenchurch and High Wycombe.
Royal London will provide the capital for the development of Audley Wycliffe Park and retain freehold ownership when all properties are sold.
Audley will then enter a 250-year lease giving the Royal London fund inflation-linked income. The former will take on the operational running of the village, including the sales and marketing of all the properties.
“This innovative jv structure highlights the breadth of opportunities for investors within the retirement living sector,” said Audley chief executive Nick Sanderson.
Construction of Audley Wycliffe Park is due to kick off by the end of September.
During the development phase, Audley will oversee the design and fit out of facilities.
Audley Villages are home to the Audley Club, offering facilities to owners, local members and Audley owners from all villages around the UK. They include a library, restaurant and bar, swimming pool and health club.
