Senior Living Investment Partners (SLIP), a partnership between Pension Insurance Corporation (PIC) and specialist lender Octopus Real Estate, have acquired a development site in Brent Cross Town, north London, alongside retirement homes specialist Audley Group.
The joint venture between Audley and SLIP has agreed to acquire 100% of the long leasehold interest in a plot within the Brent Cross Town masterplan on which to develop a new retirement village as part of Audley Group's Mayfield Villages.
Financial details were not disclosed.
The deal marks SLIP's third retirement community investment and the second with Audley Group, following the acquisition of the Headley Court site in Leatherhead, Surrey, announced in July 2023.
Brent Cross Town will be the second Mayfield Village, and the first to be developed in London.
The site benefits from the area's outline planning permission and will deliver 147 retirement units along with 14,627 ft2 (1,360 m2) of amenities.
The scheme is part of the Brent Cross Town development, a 180-acre masterplan managed by Brent Cross South Limited Partnership (BXS), being delivered through a 50/50 partnership between Barnet Council and the developer Related Argent (RA). The plan envisages nearly 7,000 new homes, 3 million ft2 of offices, a high street and schools surrounded by 50 acres of parks and playing fields.
SLIP's ambition is to house up to 2,000 people in the coming years across ten IRC developments to help address the current undersupply and increasing demand from an aging population in the UK.
Nick Sanderson, CEO of Audley Group said: 'The demand for retirement villages continues to grow, and with an aging population there is an urgent need to build more units.
'Brent Cross Town will be our second Mayfield village, and I'm delighted to work with our JV partners and with Related Argent and Barnet Council to meet that demand in north London. Mixed use developments which include integrated retirement living are vital to create vibrant, intergenerational communities.'
Bryony Harrap, PIC Capital senior strategy manager, said: 'The creation of new communities through large scale regeneration projects is completely consistent with PIC's purposeful investment strategy.
'Our investment in the retirement village is one piece of the jigsaw that will allow the provision of new homes, jobs and living spaces for the people of Brent Cross.'
