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Salmon Sells £90M Bucks Retirement Scheme

Salmon Sells £90M Bucks Retirement Scheme
15th August 2018

Salmon Harvester Properties sells £90m freehold 25-acre site to Royal London Property Fund.

Salmon Harvester Properties, the NFUM/Salmon joint venture, has sold its £90m freehold 25-acre site, the Wycliffe Centre near High Wycombe, Buckinghamshire to The Royal London Pension Property Fund (RLPPF), CoStar News can reveal.

Salmon recently enhanced the project’s planning permission gaining consent for 166, one and two-bedroom independent living retirement apartments together with a central clubhouse facility, gymnasium, spa, swimming pool, bar, restaurant and retail outlet.

Demolition and site clearance has now been completed with a view to starting the two-year construction programme in January 2019. The project will be built out in a single phase and when complete will have a value of circa £90m.

Royal London is one of a few UK institutions that has identified the retirement village sector as a significant growth area. Andrew Johnston, Head of Alternative Property Investment at RLAM, who spearheaded this acquisition, said: “We are delighted to have acquired this project from Salmon Harvester and are hoping it will be the beginning of an increasing involvement in the retirement village sector. The statistics speak for themselves, 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.”

RLPPF will appoint a retirement sector specialist as its long-term operational partner in due course but has already engaged Salmon Developments as its delivery partner.

Salmon’s CEO, Doug Stewart said: “It’s encouraging to see a major investor like Royal London adopting such a forward thinking and entrepreneurial position, we have been championing this sector for some time and I am personally delighted that Salmon will be a major part of the continuing story here”.

RLPPF was represented by Griffiths Eccles while JLL represented Salmon Harvester