AudleyRetirement has signed a joint venture deal with Apache Capital to build a luxury retirement village in Clapham, with work set to start on the £125m scheme early next year. This will be only the second development of its kind in the capital.
Apache Capital had already secured planning permission for the site, and brought Audley in to build the homes.
Audley, which focuses on the higher end of the retirement housing market, has previously concentrated its development on areas outside of London. Rather than building traditional retirement homes, it builds small communities with extensive amenities, and residents can add on care provision as they need it.
Government figures show that one in five of the UK population is forecast to be over 65 in 10 years’ time and the number of over 85s is predicted to more than double in the next 23 years.
Richard Jackson, co-founder and managing director of Apache Capital, said he wanted to have more exposure to 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,” he said.
The two companies said they would work to build a number of similar schemes over the coming years, with Apache providing the land investment and Audley developing the site.
Nick Sanderson, chief executive of Audley, said: “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.”
He added that providing homes for older people has the added benefit of freeing up larger family homes.