Birchgrove - Bridges Fund Management

    

    























 






    
	            
			    
    



		
		    

    
    
    





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Birchgrove

A new model of assisted living accommodation and care for rent, for the growing elderly population

Investment Strategy

Property

Theme

Healthier Lives

Date of initial investment

February 2017

Bridges Executives

Simon Ringer
David Schlegel

Challenge

By 2039, there will be 9.9m people aged 75 and over in the UK, while one in 12 of the population will be over 80. Currently, there is a limited supply of supported accommodation available to older people who are looking to downsize; the availability of retirement living options relative to the over-80 population is substantially lower than in other developed countries. This is having a detrimental effect on housing market liquidity and is likely to increase the demands on primary and social care.

Investable Solution

Birchgrove is a new assisted living initiative launched by Bridges in Q1 2017, in partnership with our long-time collaborator Castleoak. It will look to provide brand new high-quality assisted living apartments for the elderly (typically 80+) who are looking to downsize or live in a more secure and/or communal environment. Birchgrove developments will also include on-site care support as well as community and leisure facilities.

Still relatively unique in the sector, Birchgrove will run as a private rental scheme, where elderly customers can rent 1-2 bedroom apartments without lengthy contracts. The business looks to offer its customers the benefits of independence without the burdens of home ownership.

The first development is being built adjacent to St Mary’s Hospital in in Sidcup, Kent and, will contain 74 units, accommodating up to 200 people. Sites have also been acquired in Ewell and Woking. The entire Birchgrove scheme will look to build 6-8 developments in total, comprising around 500 units and housing up to 1,400 people, across the south east of England.

This scheme follows the completion of 14 successful care home development projects from previous Bridges funds.

Outcomes

Loneliness and isolation are thought to increase the likelihood of mortality by over 25% in older people. By providing purpose-built assisted living units for rent in attractive developments, we believe we can help to address this challenge, while also alleviating some of the pressures on the NHS and the care home sector.

The assisted living market in the UK is still undersupplied with a limited choice of accommodation and tenure types. By creating the Birchgrove model, Bridges hopes not only to provide these much-needed facilities, but to play a catalytic role in proving the model and helping to develop the wider sector, thereby increasing provision.

The development will also include a range of environmentally-friendly construction initiatives where viable. It will also look to enhance the health & well-being of occupants through good design.

www.birchgrove.life