Audley Group, a leading UK provider of luxury retirement villages, has instructed global property consultancy, Knight Frank, to advise on sales and marketing for its first London project, Nightingale Place, in Clapham.
The scheme will deliver one of the first retirement villages in central London. Knight Frank’s dedicated retirement housing team has been brought on-board to advise Audley on the London market, sales strategy and positioning of the village.Nightingale Place, which has a gross development value of c.£120m, overlooks Clapham Common, adjacent to Clapham South Tube Station. The development is a joint venture with Apache Capital Partners, the London and Gulf-based private real-estate investment firm.
When completed in 2020, the 13,750 square metre village will have 94, one to three bedroom apartments and penthouses, all with balconies or terraces, secure off-road parking and landscaped gardens at ground and roof level. Central facilities on site will also include a swimming pool, health club, restaurant, pool, cinema, hairdressers and library.
Care at the village can be tailored to individual requirements, and ranges from simple help with the shopping and cleaning through to 24-hour, 7-day-a-week support. All of this is delivered by Audley Care, Audley’s CQC-regulated care provider.
Audley Group has been active in this market for over 20 years, and the 17 villages that sit under the Audley Villages brand will, when completed, provide at least 2,000 units nationwide. Kevin Shaw, Managing Director, Audley Group, said: “Opening an Audley Village in London is a significant milestone for the business and the appointment of Knight Frank to market the properties is a reflection of the scale of opportunity in the capital.
“Changing demographic trends continue to drive demand for aspirational retirement property, particularly within cities, and we anticipate Nightingale Place will be no different. Knight Frank’s knowledge of the sector makes it a valuable partnership, and we look forward to working closely with them on this development.”
Tom Scaife, partner, Knight Frank Retirement Housing, commented: “We are delighted to be working with Audley on this prestigious London scheme. We look forward to bringing our combined expertise of the retirement sector and the London market to Nightingale Place.
“The forecast growth in the UK’s older population, coupled with a need for housing that can free up family homes and help alleviate the stress on the NHS and social services, means that the case for retirement housing delivered has never been stronger.”
According to Knight Frank, the gap between the potential pool of demand and current supply is stark. Present stock (from age-restricted over-55s housing to housing with care) comprises 725,000 homes, which equates to just 2.6% of the total housing stock in the UK.