Woking to become home to new retirement residences
Birchgrove, a specialist developer of luxury rental retirement properties, is breathing new life into one of Woking’s abandoned building sites by creating 51 modern apartments for the over 65s. Located on Holly Bank Road, the new development will embrace the site’s history as it previously housed a 38-bed care home that had been vacant since 2013 and was eventually demolished in 2016. To mark the launch of the new development, Birchgrove held a ground-breaking ceremony on 12 March, which was attended by local residents, Mark Elliott, Chairman of Birchgrove and Craig Currie, CEO of construction partner Castleoak.
Honor Barratt, Managing Director at Birchgrove, comments: “It’s a privilege to call Woking the home of our second development. The town has so much to offer and is the ideal location for retirees who want to enjoy community living with easy access to the hustle and bustle of the big city. We are over the moon to have already registered a number of enquiries and are looking forward to seeing our community becoming a part of the wider Woking area.”
Birchgrove’s Woking site will mirror the quality and specifications of its flagship building in Sidcup, which welcomes its first residents this year. Once completed, residents can choose to rent a one- or two-bedroom apartment and benefit from a number of onsite amenities. These include onsite dining, a communal terrace, a gym, bar and club room as well as a hair salon. Regular events and outings to the city will contribute to an exciting living experience within a friendly community of like-minded people.
Birchgrove is backed by Bridges Fund Management, which has a 15-year track record of investing in property related businesses.
The trend of retirees renting rather than buying originates from the US, Europe and Australia but has been quietly gaining popularity in the UK, with a 13% increase in retired renters from 2012 to 2016 (NLA). Scottish Widows have recently predicted that figures will double to 9 million by 2022.
Barratt adds: “For many, the idea of selling up and buying a retirement property is not only stressful but also a financially unattractive option. High stamp duty rates and the knowledge that some retirement properties don’t tend to gain value are tough facts to accept. Renting, on the other hand, allows homeowners to release equity from the sale of their property and live an overall more flexible lifestyle.”
For more information, please visit www.birchgrove.life or contact the team on 020 3929 5599.
Photo captions: L-R
Honor Barratt, Managing Director Birchgrove with local residents
Mark Elliott, Chairman Birchgrove, Honor Barratt Managing Director Birchgrove, Craig Currie, CEO Castleoak.
Local Residents Mr and Mrs Howitts
Photos can be downloaded from here
Margaux Movet T: +44 (0)208 614 7507