Audley Retirement launches new brand to provide more new build properties for retirees

Posted 6 April 2016 by Keith Osborne

Leading luxury retirement proeprty developer Audley Retirement is unveiling a new mid-market brand as part of its major expansion plans...

Award-winning Audley Retirement, the luxury retirement village operator, is today launching a new brand of retirement property developments as part of its ambitious five-year growth plan.

Audley will be investing £200m Mayfield Villages over the next five years, with immediate plans for two developments which will provide 500 new retirement homes between them. The plans see Mayfield Villages acquiring two sites every year, with a total of 2,500 homes between them all in five years’ time.

Audley describes Mayfield Villages as a “mid-market” brand, working alongside its premium Audley Retirement brand. The cost of apartments at a Mayfield Villages site is estimated at starting from around £200,000, with sizes ranging from about 525 sq ft for a one-bedroom property to 775 sq ft for a two-bedroom unit. Residents will have health clubs on site providing swimming pools and fitness rooms as well as restaurants and care facilities.

Nick Sanderson, CEO of Audley, says: “The demand versus supply for high-quality retirement housing has long been an issue in the UK market, with the desire to downsize simply not being met with enough quality options. The more research we did, the more we realised there was a lack of contemporary, aspirational and secure retirement properties with flexible care provision in the middle section of the market that needed to be addressed.”

The research Audley undertook found that of 19 million of the British population over the age of 55, 80% are homeowners, with an aggregate property portfolio valued at approximately £1tn. Some 58% of over-60s are actively looking to downsize, with an almost universal will to avoid traditional care homes, but are thwarted by a lack of suitable housing to meet their needs and aspirations in later life.

In all, Audley sees a potential market of 4.5 million homebuyers looking to make the most of their increasing longevity in “modern, attractive and secure environments” – crucially, maintaining their independence and with the security of owning their own property.

Sanderson adds: “The growth potential for the retirement village sector is huge, and allowing older people to downsize from family homes into properties better suited to both their current and future needs frees up homes for others, creating much-needed movement in the property market. Mayfield represents the next stage of development for our business. It is an exciting step forward in meeting this growing demand with high-quality housing and facilities across the whole market.”

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