Retirement Villages Group (RVG) has announced a £2b investment boost to drive forward its latest sites West Byfleet and Chester and over 40 more new sites across the UK.
The sites are being developed in response to rising demand from those aged over 65 for a better quality of later-life accommodation, set close to town and city centres. RVG said it was moving towards creating schemes that are open and integrated with local communities, allowing its customers to stay connected to the places where they live, while breathing new life into UK town centres.
The announcement follows two new planning approvals to develop a £110 million retirement community in central West Byfleet, Surrey, as well as a new £65 million community in Chester.
The first site, at an empty office building at West Byfleet, Surrey, last week secured final reserved matters consent, with work set to commence in the summer. The development will replace a office block and shopping precinct with 195 apartments for retirement living. It will combine a range of shared community facilities for multi-generational use, as well as exciting new retail units, a wellness centre and community space based around a village square.
The second site, an urban development of 147 retirement homes in Chester received detailed approval from the local authority in March, with parish councils and local groups also providing strong endorsement. Located 10 minutes from the city centre, the site sits adjacent to an existing Park & Ride service, providing a direct link to the centre. Building work is also due to start this summer and when completed the new development will have homes for purchase and rental.
RVG CEO Will Bax said:
“New generations of older people will prize independence, security and community connections more than any other. Increasingly they are looking for a lifestyle choice that promotes independent living and keeps them fit and active for longer. The current options for people looking to downsize are not good enough. We want to change that by putting older people back at the heart of our communities and building homes that enable them to live rich, connected lives safe in the knowledge that support is available when, but not before, they need it.”
“We are delighted to have the support and participation of local councils and communities with both of these sites. West Byfleet and Chester will be a new breed of urban, inclusive and design-led retirement schemes for the benefit of the over 65s and the wider community. We have a huge opportunity to transform the later living landscape in the UK and hope to secure many more sites like these over the next decade.”
RVG’s target locations focus on well-connected sites in or on the edge of existing town and city centres, enabling people to remain close to families, friends and their existing communities, whilst also adding new amenities and services that create value for everyone.
This post has originally been featured in Property Wire.