UK: Rented retirement homes provider Birchgrove has acquired its ninth development – a 60 apartment community in Mill Hill, north London, built on the site of a former medical research institute.
Ayrton House will offer 60 purpose built, self-contained, one-, two- and three-bedroom apartments – many with views over Totteridge Common. Communal features include a restaurant, club room, licensed bar and wellness suite, as well as landscaped gardens. The building is the centrepiece of the Ridgeway Views residential scheme, a 47-acre, 528-home project in Mill Hill’s conservation area.
For over 80 years the historic art deco National Institute for Medical Research, designed by the original Wembley Stadium architect Max Ayrton, was located on the site.
The 60 units will be delivered in turnkey condition in 2024 and have been funded by £10.2 million of equity funding from Bridges Fund Management and a development facility from Octopus Real Estate.
The £36 million acquisition of Ayrton House is Birchgrove’s third development in the capital and comes just weeks after the completion on a 78-apartment development in Hampton Court, with a 50-apartment site in Chiswick having been acquired in 2022.
Birchgrove chief executive Honor Barratt said: “Ever since Birchgrove’s mid-market rental concept was launched in 2017 the model has gone from strength to strength, enabling over 65s to live flexibly without the burden of home ownership. The acquisition of our ninth site in just six years, including three major developments across London, is testament to how transformative our model has been to later living; now, we look forward to extending our portfolio even further across London, the Home Counties and beyond.”
Jack Copley, partner in the seniors Housing team at Knight Frank, who facilitated the deal, added: “This unique scheme presented a great opportunity for both parties. This forward funding deal ensures our client can expedite the final phase of their residential masterplan, while Birchgrove has added another impressive site to its expanding Grade A portfolio. Birchgrove are at the forefront of the UK’s senior’s rental market. Following this landmark transaction, we expect to see a number of further seniors housing forward fund deals and partnerships come forward based on current market requirements.”
