Elysian Residences has partnered with Octopus Real Estate and Schroders Real Estate to develop retirement villages, with the consortium’s first scheme set to be a 103-home development in Berkhamsted, Hertfordshire. It plans to start construction on the scheme in the autumn.

Elysian Residences chief executive Gavin Stein said the partnership was the next step in the firm’s expansion and that the company was looking for new sites and development opportunities.

The move reflects a growing interest in the retirement living concept among consumers in the wake of the Coid-19 pandemic.

Kevin Beirne, head of retirement at Octopus Real Estate, said: “As we come through the pandemic, the benefits of community living and retirement villages have been made clear. As a specialist real estate investor, we understand first-hand the scale of the investment opportunity for retirement communities and the important role that institutional investors can play in developing the sector to meet future demand.”

Patrick Bone, fund manager at Schroder Real Estate Capital Partners, said: “The pandemic has highlighted the growing need for specialist retirement housing to support the elderly population in the UK and we are committed to developing high-quality retirement communities.”