Retirement Villages increases portfolio in £13m deal

Avonpark, bought from Care Estates Ltd, includes a broad range of retirement accommodation of one, two and three bedroom apartments and houses, extensive social and leisure facilities with related support and care services for residents.

Set in 15 acres, the 10-year-old village is a continuing care retirement community providing a range of options from supported independent living through to full 24-hour nursing and dementia care. The business employs around 110 staff and has annual revenues of approximately £6 million.

Communal and leisure facilities include an on-site restaurant, bar and lounge; hairdressing salon; bridge room and library; conservatory, small shop; two guest suites; doctors' surgery and therapy room; mini gym; meeting room; allotments; and landscaped gardens.

Retirement Villages Ltd chief executive Jon Gooding, said:

"This is a great addition to our portfolio and strengthens our position in a growing market. We have a new development programme worth more than £140 million, but, because there are less than 50 private sector retirement villages operating in the UK, opportunities to acquire high quality existing villages are rare and this fits very well with our existing operations in the South West of England."