JV formed to develop luxury retirement villages

A new joint venture (JV) has been established to develop a series of luxury retirement villages.Audley Group has partnered with the real estate arm of Schroders and Octopus Real Estate.The JV agreement covers the Audley Villages sites at Cobham in Surrey, Sunningdale Park in Berkshire, Scarcroft in West Yorkshire and Stanbridge Earls in Hampshire.The four villages will represent a total gross development value of about £400m and will together comprise provide more than 500 units, together with facilities.Schroders Real Estate, the property investment arm of global investment management group, is working with Octopus Real Estate, part of the Octopus Group and a significant investor in healthcare facilities throughout the UK, to invest in the development of new retirement villages.Together, they will provide the majority of equity for the developments alongside Audley Group, which will be responsible for the operational delivery of the villages and long-term ownership.Planning permission was granted in August for Audley Group’s proposed village at Scarcroft. The development will include 172 residential units and involves the conversion of a grade II-listed former mansion house.