MKDP and ExtraCare agree deal for extension to Shenley Wood Retirement Village

The ExtraCare Charitable Trust has exchanged contracts with Milton Keynes Development Partnership (MKDP) to expand Shenley Wood Village, one of its two retirement villages in Milton Keynes, onto adjoining land.

Due to the overwhelming success of Shenley Wood Village, which comprises 300 apartments with leisure and health facilities, there is strong demand for expansion. To meet this, ExtraCare is looking to develop apartments and bungalows, with a planning application due to be submitted shortly.

Hardev Thandy, the Head of Growth and Construction at ExtraCare, said, “Both of our villages in Milton Keynes are extremely popular, so working with MKDP to provide much needed additional homes for older people is a very exciting opportunity.”

Property Development Director at MKDP, Matthew Green, added, “We are delighted to be facilitating the expansion of Shenley Wood Village. The increased capacity will deliver high-quality homes, of which almost half will be affordable tenures, opening up to more over 55s in the city the fantastic facilities which make an ExtraCare village such a great place to live.”

ExtraCare is a registered charity which develops, operates and supports 16 villages and four housing schemes across the Midlands and neighbouring areas. Focussed on creating sustainable communities, ExtraCare delivers not just homes, of which it has over 4,200, that older people want but also enables its residents to enjoy a range of facilities and access care if needed.

 

Lower Westside Development Opportunity

One of three key masterplan proposals in CMK is
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Find out more about this development opportunity.

Packaged Living and Affinius Capital purchase site in Milton Keynes for over 250 BTR units

Packaged Living, the specialist UK Build to Rent (“BtR”) investor, developer and operator has completed on a land acquisition in Central Milton Keynes as part of its BtR joint venture (“JV”) with Affinius Capital, the global asset manager with experience in rental housing development and asset management.

The JV purchased the 1.23-acre Theatre multi-storey car park site from Milton Keynes City Council and Milton Keynes Development Partnership (“MKDP”) and will submit a planning application in the coming months for a BtR scheme with over 250 units. The site is the subject of a planning-led development brief adopted by the Council.

The new scheme will be designed to offer residents access to all that the city has to offer, including numerous local transport links and amenities, shopping, and leisure. It is located within 10 minutes’ walk of the city centre and mainline train station.

As with all schemes in the JV, the site has been selected due to the local area’s compelling market dynamics. The economy has experienced rapid employment growth over the past decade, centred around the private sector and serviced-based employment. Given its location within the UK Innovation Corridor, Milton Keynes has emerged as a major centre in the UK for research and development. With the population expected to exceed 300,000 by 2027, the proposed scheme will help meet the demand for homes in the local area.

This is the second acquisition for the JV, which was formed in November 2022 to pursue the acquisition, planning, construction, and operation of best-in-class multifamily BtR assets in the UK. The Venture is ultimately targeting the creation of a diversified BtR portfolio of several thousand units across the UK, meeting the demand for purpose-built rental housing whilst simultaneously offering residents more amenitised, sustainable, and energy-efficient homes. It is expected that the portfolio will have an end value of c.£1bn when built out.

Ed Ellerington, Founder and Chief Executive of Packaged Living, commented, “This purchase is Packaged Living’s second scheme in Milton Keynes and follows The Almere an award-winning development which completed in 2022. Milton Keynes is a dynamic expanding city which requires best in class homes to attract its growing professional workforce. We are delighted to acquire the site in partnership with Affinius Capital and look forward to working with MKDP and MKCC to create another exemplar building in the city.”

Karen Martinus, Director of Affinius Capital Europe, commented “We maintain our conviction towards the UK’s BtR market, which remains underpinned by population growth, decreasing household size and a greater propensity to rent. We are delighted to acquire this site in Milton Keynes which is strategically located within the Oxford-Cambridge Arc, a region identified as being of global importance for innovation and business activity. We look forward to continuing to work with Packaged Living to deliver best-in-class BtR assets in the UK.”