Property Week 19 September 2023
Later living developer Birchgrove has paid Octagon Developments £38m for a 78-apartment build-to-rent (BTR) scheme in Hampton Court, London, with a projected gross development value (GDV) of £68m.
The scheme is Birchgrove’s eighth development in London under its expansion into the capital. Octagon Developments will complete the apartments on a turnkey basis by 2025.
The project will include a mix of self-contained, assisted-living, one-, two- and three-bedroom apartments available to renters aged 65 and above.
Plans for the scheme include a restaurant, club room, licensed bar, wellness suite, library and landscaped gardens.
Research by Birchgrove revealed that subject to planning approval, the project could include up to 107 bedrooms and help free up a further 179 bedrooms for family housing in the local area. The research found that a net increase of 72 bedrooms could be released into the private market by using the site for assisted living.
Birchgrove 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.”
Octagon Group chief executive Tim Banks added: “We are delighted to have sold such a significant and impressive Surrey site to Birchgrove, who, like Octagon, offer a unique customer-first service”.