Two new Audley villages planned in multi-site joint venture with Octopus and PIC
London, 25 July 2023 – Senior Living Investment Partners (‘SLIP’), a £200 million partnership between Pension Insurance Corporation plc (‘PIC’), a specialist insurer of defined benefit pension schemes, and specialist real estate lender and investor Octopus Real Estate (‘Octopus’), today announces a multi-site joint venture with Audley Group, the UK’s leading provider of Integrated Retirement Communities (‘IRCs’) to develop up to four new retirement communities.
In total, SLIP aims to house up to 2,000 people in the coming years across 10 IRCs and deliver c.£1bn in Gross Development Value into the sector. The IRCs SLIP is developing with Audley Group will create 600 new retirement units across four new villages, the first of which will transform the historic Headley Court in Surrey.
The Audley Village at Headley Court will consist of 112 apartments, providing much-needed specialist accommodation for the local area. It will safeguard the future of the Grade II Listed historic mansion house and restore the extensive landscaped grounds, which will be made available for the local community to enjoy for the first time in its history. The IRC will include the Audley Club, a high-quality health and wellbeing experience for those in the local area aged 55 and above, as well as a restaurant focussed on excellent food and impeccable service.
Other villages to be developed by the multi-site JV will include both Audley and Mayfield sites. Mayfield villages, also part of the Audley Group, are designed to bring high quality retirement living to a much wider audience and give more people more choice over how and where they live as they get older.
PIC has a purposeful investment strategy, through which the company backs the pensions of its policyholders over decades with secure, long-term assets. The company has invested significant sums in sectors which seek to address the lack of accommodation in the UK across the demographic spectrum. This includes temporary accommodation to aid those at risk of homelessness, social housing, build to rent, and retirement living.
Against a backdrop of undersupply and increasing demand, driven by a growing ageing population, SLIPS’s primary objective is the development of a portfolio of new, high-quality, retirement communities nationwide.