Gowling WLG advises Audley Group on joint venture with Royal London

Gowling WLG's senior living team has advised Audley Group on the real estate aspects of a joint venture with the Royal London Pension Property Fund (the Fund) to deliver a new retirement village, Audley Wycliffe Park, in Buckinghamshire.

The village will provide a total of 156 high quality retirement living properties and luxury facilities. Royal London will provide the capital for the development of Audley Wycliffe Park and retain freehold ownership when all properties are sold. Audley will then enter a 250 year lease giving the Fund secure, inflation-linked income. Audley will take on the operational running of the village, including the sales and marketing of all the properties. Throughout the development phase Audley will support Royal London and oversee the design and fit out of the extensive Club facilities to ensure its usual high standards. This innovative project is a first for the retirement village sector and demonstrates the unique and sustainable income it can generate.

Audley Villages enable owners to live an independent and healthy lifestyle in their own homes, with flexible care and wellbeing services and support when needed. Audley Wycliffe Park will become the 21st village in Audley Group's portfolio.

Dominic Morris, partner and Head of Senior Living at Gowling WLG said: "We are pleased to have advised Audley on this milestone project. This joint venture with Royal London represents the entry of another major pension provider into the retirement living sector and is a sign of the growing maturity of the asset class."

Eversheds Sutherland advised Audley on the construction and tax aspects of the joint venture.

Addleshaw Goddard advised Royal London.