Audley Retirement Villages has signed a funding deal with Bank Leumi (UK) for its latest development, Chalfont Dene. The facility, for £25.2 million, is for the construction of the entire village, including its infrastructure and properties. This work will bring the value of the development to an expected £58.1 million.
Located in Chalfont St Peter, Audley Chalfont Dene will offer 82 high quality apartments and cottages to over 65s, which will be completed over two phases. The first 30 apartments and cottages are expected to be finished at the end of 2015, along with the Audley Club including a swimming pool, restaurant, bar/bistro and health club. These facilities will be accessible to both the village’s owners and the neighbouring communities.
Nick Sanderson, CEO Audley Retirement, said: “This facility from Bank Leumi secures our development of Audley Chalfont Dene and allows us to continue to meet rapidly increasing demand for high quality retirement living. We have seen a substantial increase in annual turnover in the last three years and anticipate significant increases in the years to come.”
Richard Martin, at Bank Leumi, said: “This is an exciting opportunity for Bank Leumi. By 2020, it is predicted that people over 50 will comprise almost half of the UK population i, and we are pleased to be supporting Audley Retirement in addressing the housing needs of this demographic – both in terms of practicality and quality.”
Audley has a current portfolio of over £100 million and has seen a threefold increase in annual turnover – to £34 million – in the last three years. In the next three years, Audley forecasts a trebling of revenue to £100 million.
1 ONS statistics, Improving opportunities for older people, 2014