_Birchgrove acquires assisted living site in Woking
Birchgrove acquires assisted living site in Woking
News
Global property consultancy Knight Frank, on behalf of Birchgrove, has acquired a retirement development site in Woking with detailed planning permission for an assisted living scheme.
Situated on Holly Bank Road, the 1.49 acre site has consent for a proposed assisted living development consisting of 51 apartments, plus a range of communal facilities including café, lounge and hair salon. An outdoor recreation space and 27 car parking spaces are also proposed.
The total gross internal area (GIA) of the scheme is circa 53,303 sq.ft. The scheme is situated in Hook Heath, a highly desirable part of Woking, surrounded by large detached housing and an average house price in excess of £700,000 for the postcode. The scheme is expected to have a portfolio exit GDV of £34m.
Tom Scaife, Head of Retirement Living at Knight Frank, commented: “Bridges Fund Management retirement rental platform Birchgrove rolls on with this key acquisition, being one of an increasing number of rental platforms in the UK retirement living market.
“2018 has seen more appetite from investors moving across alternative investment sectors taking advantage of the enormous underlying demographic factors weighing in the favour of investing in older people and healthcare.
"Without substantive data, many are following fundamentals of PRS and Student Housing, and taking a ‘build it and they will come’ approach, with many chasing both rental growth and yield compression once platforms have critical mass.”
Honor Barratt, Managing Director of Birchgrove commented, “Working with Knight Frank to get this deal over the line was a delight. The advice was good, their approach was honest and we’re looking forward to moving on to site number four with them.”
Knight Frank’s recent retirement living report revealed that that the private retirement market is estimated to reach a value of £44bn by 2022, reflecting a 50% increase. The number of private retirement living units is also forecast to increase by almost 30% in the same timeframe.
The report, Retirement Living Comes of Age, highlights how investment into the UK later living market is at an unprecedented level, with growth driven by private sector development and the economic attraction of this maturing market.
To find out more please contact, Tom Scaife at tom.scaife@knightfrank.com
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