Audley Retirement, the luxury retirement village operator, has exchanged and completed on the purchase of its latest site on Magna Carta Park, in Englefield Green, near Egham, Surrey.
The village will add to Audley’s existing portfolio of fourteen villages and sites across the country and to the number of sites in prime south-east locations, with substantial transport links to London. The village has planning consent for 59 units.
Formerly part of Brunel University, the site is located within the 66 acres of the Magna Carta Park. Once complete the retirement village will provide a selection of luxury retirement properties for over 55s with the original Victorian Gothic building being sympathetically restored to become the Audley Club. This will include a swimming pool, health club, restaurant and bar/bistro. The village is expected to open to owners in early 2019. The site was acquired from NAMA, who were represented by Savills.
Audley now owns 12 villages and manages two more providing over 1,000 properties and will double this number over the next five years by completing its current villages as well as new site acquisitions. The latest purchase is part of a period of significant expansion for Audley. Most recently this includes the opening of a new village, Chalfont Dene in Buckinghamshire, the purchase of the site of the former Stanbridge Earls School in Romsey Hampshire and the exchange of contracts on its first satellite site near Audley Binswood in Leamington Spa.
Work on Audley Ellerslie started in January 2016, after planning permission was granted to build on the site of the former preparatory school of Malvern College. Properties in the first phase of the development are due to be completed in the second quarter of 2017. Construction on Audley Redwood in Bristol began in October 2015, with the first phase scheduled for completion in Autumn 2017.
Nick Sanderson, CEO, Audley Retirement said: “We’re pleased to be able to formally announce the completion of this site and to continue building on the strength and success of our exisiting portfolio. The site is in a fantastic prime South-East location and is one we’re sure will complement the rest of our villages. We’re committed to being able to meet the demand for quality, luxury retirement living – demand which is only increasing as the years go on. We look forward to being able to welcome our first owners to our newest Audley village in 2019 and watching the site develop.”
Audley Retirement Villages’ turnover grew more than tenfold between 2009 and 2015, from £4.2m to £42.9m. Turnover will grow to £100m in 2016 alone with an investment of £600m over the next five years, a combination of equity, development income and investment debt.