Two of Birchgrove’s three communities are at full occupancy as rented retirement home demand soars and outstrips supply.

Queensgate Apartments in Sidcup, which comprises of 74 one, two and three bed apartments, is now at over 98% occupancy, while Woodbank Apartments in Woking, which comprises 51 one and two bed units, is at 96% occupancy.  The sites were acquired by M&G for £69 million in January 2022.

Both sites have waiting lists of retirees who have registered their interest and undertaken a financial assessment.

Honor Barratt, chief executive, Birchgrove, said: “Every day in 2024, 1,000 people in the UK will turn 80. In 10 years’ time, Birchgrove will have built 1,000 units – so enough for one day’s increase in need, or 0.1% of the more than one million retirees predicted to want to rent by then. 

“We’re delighted to have demonstrated that the mid-market rental model works. We’re thrilled to have acquired nine sites in six years. And we’re proud to be changing older people’s lives for the better, by helping them to live more flexibly. But with two of our three operating communities already at full occupancy, the sector requires far greater investment, development and ambition to meet this surging demand.”   

Birchgrove has invested in a further six sites across the Southeast – with three communities under construction and now available for rental off-plan, and a further three London sites acquired.