Birchgrove has acquired a 78-apartment retirement BTR development in Hampton Court, south west London, as part of its portfolio expansion plans.
This is the firm’s eight development with its equity partners Bridges Fund Management.
The £39m deal to acquire the site has been completed with Octagon Developments, with the help of Beauford Capital, which provided a £28m loan over a 30-month term.
Following the purchase, Birchgrove will rent out the scheme, which will offer 78 self-contained assisted living one-, two- and three-bedroom apartments available to independently minded renters aged over 65.
The development will also offer extensive communal facilities, including a restaurant, club room, licensed bar, wellness suite, library and landscaped gardens.
The scheme’s GDV is forecast to increase to £68m once all units are fully let.
Honor Barratt, chief executive officer at Birchgrove, said: “Our new site at Hampton Court will encapsulate all the benefits of the Birchgrove offering: purpose-built apartments, a flexible rental model, publicly accessible communal spaces and a development that frees up homes for local families.
“With more and more retirees looking to rent, London is firmly in our sights to expand our portfolio, and, having secured sites in Chiswick and Hampton Court, we look forward to announcing further exciting news in the capital soon.”
