Rented retirement home provider Birchgrove has purchased a £36 million development in Mill Hill, North London to transform the site of a former medical research facility into 60-apartment community.

Ayrton House will provide purpose-built, self-contained, one-, two- and three-bed apartments for people in later life, with communal features including a restaurant, club room, licensed bar and wellness suite, as well as landscaped gardens.

The building is the centrepiece of Ridgeway Views residential scheme, a 47-acre, 528-home project in Mill Hill’s conservation area.

The 60 units will be delivered in turnkey condition next year and have been funded by £10.2 million of equity funding from Bridges Fund Management and a development facility from Octopus Real Estate.

The acquisition of Ayrton House is Birchgrove’s third development in the capital and comes just weeks after the completion on a 78-apartment development in Hampton Court, with a 50-apartment site in Chiswick having been acquired last year.

Birchgrove currently operates three retirement communities across the Southeast, with three further communities under construction and now available for rental off-plan, and three further London sites acquired (Chiswick, Hampton Court and Mill Hill). 

Honor Barratt, chief executive of Birchgrove said: “Ever since Birchgrove’s mid-market rental concept was launched in 2017 the model has gone from strength to strength, enabling over 65s to live flexibly without the burden of home ownership. The acquisition of our ninth site in just six years, including three major developments across London, is testament to how transformative our model has been to later living; now, we look forward to extending our portfolio even further across London, the Home Counties and beyond.”

Property advisor Knight Frank provided advice for the sale.

Jack Copley, a partner in the seniors housing team at Knight Frank said: “This unique scheme presented a great opportunity for both parties. This forward funding deal ensures our client can expedite the final phase of their residential masterplan, while Birchgrove has added another impressive site to its expanding grade A portfolio. Birchgrove are at the forefront of the UK’s senior’s rental market. Following this landmark transaction, we expect to see a number of further seniors housing forward fund deals and partnerships come forward based on current market requirements.”

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