UK: Later living rental homes provider Birchgrove has acquired a 78-apartment development in Hampton Court, the eighth site in its growing portfolio across the south-east.
The £39 million deal to acquire the site has been completed with luxury housebuilder Octagon Developments, which will deliver the apartments on a turnkey basis by 2025.
The site will be Birchgrove’s eighth project 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 £68 million once all units are fully let.
Located in the new 0.65 hectare (1.59 acre) Hampton Court Estate, the development will provide 78 contemporary, self-contained assisted living one-, two- and three-bedroom apartments available to renters aged over 65. Communal facilities will include a restaurant, club room, licensed bar, wellness suite, library and landscaped gardens.
Research commissioned by Birchgrove shows that, with planning approval, the project will deliver 107 bedrooms and help free up a further 179 bedrooms of family housing in the local area; as a result, a net increase of 72 bedrooms could be released onto the private market by using this site for assisted living, thereby helping address the local housing shortage.
Honor Barratt, chief executive, 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. 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.”
