Octopus Real Estate, Schroders Real Estate, and Elysian Residences have formed a new joint venture to bring forward market-leading retirement communities. The luxurious new communities will provide age exclusive new homes for retirees and are targeted to generate close to c.€232m (£200m) of GDV. Construction on the first scheme in Berkhamsted, Hertfordshire is due to commence in the Autumn.
Located off Shootersway in Berkhamsted, the new purpose-built retirement village will be branded as an Elysian Residences scheme and provide 103 apartments and hotel-style facilities including a double-height lobby, restaurant, bar, library, function room, gymnasium and treatment rooms, with homeowners able to access 24-hour care if required. Designed to create a thriving community, the new development will provide three elegant, interconnected pavilion buildings, designed in a contemporary style, with the living spaces opening onto terraces, gardens and mature trees.
Gavin Stein, Chief Executive Office, Elysian Residences, commented: “Elysian Residences are delighted with the new investment partnership with Octopus Real Estate and Schroders Real Estate and the unveiling of the partnership’s first project in Berkhamsted. This latest development is part of our ongoing expansion plans and Elysian Residences are actively looking for new sites and investment opportunities as part of our vision to be the foremost provider of inspiring and elegant retirement communities in the UK.”
Kevin Beirne, Director, Head of Retirement at Octopus Real Estate, commented: “As a specialist real estate investor we are really pleased to be launching this new and second joint venture. We believe Elysian Residences demonstrate how to bring to life the potential for the largest alternative residential sector in the UK. As we come through the pandemic, we understand the scale of the investment opportunity for retirement communities and are ready to play an increasing investment role in bringing opportunity for our older population to enjoy a great lifestyle.”
Patrick Bone, Fund Manager at Schroder Real Estate Capital Partners, commented: “We are delighted to announce the second joint venture alongside Octopus Real Estate with Elysian Residences. The pandemic has highlighted the growing need for specialist retirement housing to support the elderly population in the UK and we are committed to developing high-quality retirement communities.”