Audley, a retirement housing company, has finalised a joint venture deal with Apache Capital to make homes for the elderly in central London, with work scheduled to begin on the first £125m scheme in Clapham early in 2018.
The new partnership will create what it calls as a luxury retirement village near Clapham Common in south London. It is only the second development of its class in the capital.
Apache Capital had already obtained planning permission for the site and brought Audley in to create the homes.
Audley, which concentrates on the higher end of the retirement housing market, has previously focused its development on areas that are located outside of London. Instead of building traditional retirement homes, it builds small communities with vast amenities, and residents can add on care provision as may be required.
Government figures reveal that one in five of the population in the United Kingdom is determined to be over 65 in ten years’ time, and the number of those over 85 is predicted to more than double in number in the next 23 years.
The co-founder and managing director of Apache Capital, Richard Jackson, said that he wanted to gain more attention from the retirement living sector.
“The joint venture with Audley is consistent with our strategic aim of investing into sectors underpinned by long-term demographic trends,” said Jackson.
The companies said that they would work to build various similar schemes over the coming years, with Audley developing the site and Apache providing the land investment.
The chief executive of Audley, Nick Sanderson, stated: “This is about providing an option for older people currently living in London who want to stay in London. It is a myth that everyone wants to move to the country as they get older and our own research has shown us that many people want to stay in the same locality.”
Sanderson added that producing homes for older people has the added benefit of freeing up bigger family homes.