A provider of rented retired homes has acquired an apartment development in London. Birchgrove has bought a total of 78 apartments in Hampton Court growing its portfolio across the South-East.
The £39 million deal has been completed with Octagon Developments, who design and build high quality homes throughout Southern England. Octagon Developments will deliver the apartments on a turnkey basis by 2025.
This is Birchgrove’s eighth development with their 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 project’s GDV is forecast to increase to £68m once all units are fully let.
The development will provide 78 contemporary, self-contained assisted living one-, two- and three-bedroom apartments available to independently minded renters aged over 65, together with extensive communal facilities including a restaurant, club room, licensed bar, wellness suite, library and landscaped gardens.
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. 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.”
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