NuGen Properties

Audley JV to develop Brent Cross retirement complex

Brent Cross Town is under construction [©John Sturrock]

A joint venture of Audley Group and Senior Living Investment Partners (SLIP) has agreed to acquire 100% of the long leasehold interest in a plot within the Brent Cross Town (BXT) masterplan on which to develop one of Audley’s Mayfield Villages.

SLIP is a £200m partnership between Pension Insurance Corporation and Octopus Real Estate. Brent Cross will be SLIP’s third retirement community investment and its second with Audley Group, following their acquisition of Headley Court in Leatherhead, Surrey last month.

Brent Cross Town will be the second Mayfield Village and the first in London.

The site benefits from the BXT’s outline planning permission and will have 147 retirement units along with 14,627 sq ft of amenities. The scheme is part of the £8bn Brent Cross Town development, a 180-acre masterplan managed by Brent Cross South Limited Partnership (BXS LP), being delivered through a 50/50 partnership between Barnet Council and the developer Related Argent.

Audley Group chief executive Nick Sanderson said: “The demand for retirement villages continues to grow, and with an aging population there is an urgent need to build more units. Brent Cross Town will be our second Mayfield village, and I’m delighted to work with our JV partners and with Related Argent and Barnet Council to meet that demand in north London. Mixed use developments which include integrated retirement living are vital to create vibrant, intergenerational communities.”

Related Argent managing director Tom Goodall added: “Securing the right partner for our senior living offer at Brent Cross Town was extremely important to us. We are creating one of the largest town centre developments across Europe and providing homes and amenities for all ages is critical to its success. We are pleased to welcome a joint venture of this calibre that brings extensive expertise in the sector and demonstrates the strength of Brent Cross Town which continues to attract significant inward investment.”

In a separate deal, Related Argent has appointed Munnelly Support Services to provide construction logistics management and services, coordination, and overall site security for Brent Cross Town. Munnelly will be responsible for the site wide management and coordination of the supply chain, including all aspects of traffic and delivery management, during construction.

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