Rented retirement home provider Birchgrove has purchased a 78-apartment development in Hampton Court, the eighth site in its portfolio in Southeast England.

The £39 million deal to acquire the site has been completed with Octagon Developments, which designs and builds homes throughout Southern England. Octagon Developments will deliver the apartments on a turnkey basis by 2025. 

This is Birchgrove’s eighth development with its equity partner Bridges Fund Management and follows the exit of its first two neighbourhoods to M&G last year. The debt is provided by Beaufort Capital in its fourth deal with Birchgrove. The project’s gross development value is forecasted to increase to £68 million once all units are fully let.

The 1.59-acre Hampton Court Estate will provide 78 self-contained assisted living one-, two- and three-bedroom apartments available to renters aged over 65, and offer communal facilities including a restaurant, club room, licensed bar, wellness suite, library and landscaped gardens.

Birchgrove currently operates three retirement communities across the Southeast, with three further communities under construction and now available for rental off-plan, two further London sites acquired (Chiswick and Hampton Court), and negotiations are under way for a ninth location to be added to the pipeline. 

Birchgrove’s chief executive Honor Barratt said: “Our new site at Hampton Court will encapsulate all the benefits of the Birchgrove offering: beautiful, purpose-built apartments, a flexible rental model, publicly accessible communal spaces and a development that frees up homes for local families. Imagine being able to sit on your balcony and look over the Thames into the back garden of Henry VIII – who wouldn’t want to live like that?

“With more and more retirees looking to rent, London is firmly in our sights to expand our portfolio, and having secured sites in Chiswick and Hampton Court we look forward to announcing further exciting news in the capital soon.”  

Tim Banks, chief executive of the Octagon Group commented: “We are delighted to have sold such a significant and impressive Surrey site to Birchgrove, who, like Octagon, offer a unique customer-first service.”