Fore Partnership agrees £300m later living joint venture
Fore Partnership has committed £300m to developing sustainable, extra-care later living homes across the UK with operator Amicala.
The pair have formed a joint venture to provide 1,000 homes. They have already secured a site in Bristol and will invest £80m in their first scheme.
The five-acre site at the former St Christopher’s School in Westbury Park (pictured) was sold by Aurora. The school comprises 93,000 sq ft of buildings, including the Grade II listed Grace House to the north of the city centre.
Fore Partnership has committed £300m to developing sustainable, extra-care later living homes across the UK with operator Amicala.
The pair have formed a joint venture to provide 1,000 homes. They have already secured a site in Bristol and will invest £80m in their first scheme.
The five-acre site at the former St Christopher’s School in Westbury Park (pictured) was sold by Aurora. The school comprises 93,000 sq ft of buildings, including the Grade II listed Grace House to the north of the city centre.
First Base has been appointed as development manager for the scheme, which will be the only net-zero carbon extra-care development in the UK. It will offer social activities such as gardening and include its own allotments.
The joint venture is looking for projects of at least 100 units in cities including Bristol, Brighton, Birmingham, Cambridge and around the M25.
All developments will be net-zero carbon, using alternative energy sources and no fossil fuels. The developer will look to keep buildings where possible rather than knock down and redevelop.
Amicala is part of Seniors Living Group and has 50 years of experience in senior living in the UK and Australia. For Fore, the venture is a first investment in extra care. Fore became a B Corporation in 2020 and aims to make its business and portfolio net-zero carbon by 2025.
Basil Demeroutis, managing partner at Fore, said: “With Amicala, we have a real alignment of values, sharing a commitment to sustainability and social impact, and see huge potential in this partnership to create communities that produce positive outcomes for their residents in terms of health, wellbeing and quality of life, while also being good for their local community and the planet.”
Paul Spence, chief executive of Amicala, said: “The need for high-quality extra-care communities has never been greater. With an ageing population, now is the time to create exciting, attractive and sustainable communities that deliver for seniors and that support ‘ageing in place’.”
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Photo © Fore Partnership
