Birchgrove acquires Mill Hill site for later-living BTR scheme

Birchgrove has acquired its ninth development, a 60-home community in Mill Hill, north London, being built on the site of a historic former medical research institute. The £36m Ayrton House site will offer 60 one, two and three-bedroom senior-living apartments, as well as communal features including a restaurant, club room, bar and wellness suite. The building is part of Ridgeway Views, a 47-acre, 528-home scheme in Mill Hill’s conservation area. The 60 homes will be delivered in turnkey condition in 2024 and have been funded by £10.2m of equity funding from Bridges Fund Management and a development facility from Octopus Real Estate. Honor Barratt, chief executive of Birchgrove, said: “Ever since Birchgrove’s mid-market rental concept was launched in 2017, the model has gone from strength to strength, enabling over-65s to live flexibly without the burden of home ownership. “The acquisition of our ninth site in just six years, including three major developments across London, is testament to how transformative our model has been to later living; now, we look forward to extending our portfolio even further across London, the Home Counties and beyond.” Jack Copley, a partner in the seniors housing team at Knight Frank, added: “This unique scheme presented a great opportunity for both parties. This forward-funding deal ensures our client can expedite the final phase of its residential masterplan, while Birchgrove has added another impressive site to its expanding grade-A portfolio.” To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews Image from Birchgrove