Leading retirement home provider Birchgrove has purchased a 78-apartment development in Hampton Court, London.
Birchgrove signed a £39m deal with Octagon Developments, which is designing and building the development, with delivery expected by 2025.
The deal marks Birchgrove’s eighth development with 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 and is their fourth deal with Birchgrove.
The new development will provide 78 assisted living one-, two- and three-bedroom apartments available to renters aged over 65, together with communal facilities including a restaurant, club room, licensed bar, wellness suite, library, and landscaped gardens.
Birchgrove currently operates three retirement communities across the South-East, with three further communities under construction, two further London sites acquired (Chiswick and Hampton Court), and negotiations underway for a ninth location to be added to the pipeline.
Birchgrove chief executive Honor Barratt 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.”
Octagon Group CEO Tim Banks 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.”