A UK retirement villages manager owned by AXA Investment Managers – Real Assets has bought a site for a £90m (€98.6m) development.
Retirement Villages Group (RVG) has acquired the 2-acre West Byfleet site in Surrey from Prime Finance West Byfleet for an undisclosed amount.
RVG said the site – currently occupied by a vacant 1960s office building and retail parade and library – will be used for a new retirement-led mixed-use scheme. It is expected to provide 199 apartments from 1 to 2-bed both for sale and rental with amenities.
Will Bax, CEO of RVG, said: “This acquisition is focused on building on the success of our retirement villages and our heritage as one of the earliest promoters of retirement living in the UK.
“This in-town format with a high level of amenities integrates with existing services and maintains wider community links.”
James Ahearne, development director who is leading the development, said the proposed scheme will deliver integrated place-making centred upon a new public square at the heart of West Byfleet.
“A vastly improved commercial offer is proposed with a cluster of independent, convenience and leisure operators.
“This will generate both enhanced community value and deliver amenity to our residents.”
AXA IM – Real Assets bought RVG in 2017. At the time, RVG’s portfolio was made up of 14 retirement village properties, comprising 1,274 purpose-built independent living units and 402 care beds, primarily located in the South East and South West of the UK.
The portfolio is currently made up of 16 communities, comprising 1,600 properties under management across the southern half of the UK.