Salmon Harvester Properties, the NFUM/Salmon joint venture, has sold its freehold 25-acre site to the Royal London Pension Property Fund (RLPPF).
The sale of the Wycliffe Centre near High Wycombe comes after Salmon Harvester gained planning permission for 166 one-bedroom and two-bedroom retirement apartments as well as a central clubhouse facility containing a gymnasium, spa, swimming pool, bar, restaurant and retail outlet.
Demolition and site clearance has now been completed with an aim to commence the two-year construction programme in January 2019. The project will be built out in a single phase. When completed, it is claimed the scheme will have a value of £90m.
RLPPF will appoint a retirement sector specialist as its long-term operational partner in due course, but it has already engaged Salmon Developments as its delivery partner.
Andrew Johnston, head of alternative property investment at RLAM, said: “The sector is significantly underprovided for and this population age group clearly has both the mindset and the means to want to invest in and occupy schemes of this nature. The investment rationale is compelling.”
Griffiths Eccles represented RLPPF and JLL represented Salmon Harvester.