Birchgrove acquires Mill Hill site for Ayrton House BTR scheme

Birchgrove has further strengthened its London footprint with the acquisition of its ninth development, Ayrton House.

Birchgrove has acquired a site for its ninth development Ayrton House | BTR News
Birchgrove has acquired a site for its ninth development Ayrton House.

Provider of Build to Rent retirement homes – Birchgrove – has acquired the Mill Hill site in North London for its new Ayrton House Build to Rent later living scheme. Ayrton House will be delivered in turnkey condition in 2024 and has been funded by £10.2m of equity funding from Bridges Fund Management and a development facility from Octopus Real Estate. 

Built on the site of a historic former medical research institute, 60-apartment community will deliver a mix of one-, two- and three-bedroom apartments, many with views over Totteridge Common. Amenities include a restaurant, club room, licensed bar, wellness suite and landscaped gardens.

“Ever since Birchgrove’s mid-market rental concept was launched in 2017 the model has gone from strength to strength, enabling over 65s to live flexibly without the burden of home ownership. The acquisition of our ninth site in just six years, including three major developments across London, is testament to how transformative our model has been to later living; now, we look forward to extending our portfolio even further across London, the Home Counties and beyond.” 

Honor Barratt, Chief Executive, Birchgrove

The Ayrton House building is the centrepiece of Ridgeway Views residential scheme, a 47 acre, 528 home project in Mill Hill’s conservation area. 

For over 80 years, the historic art deco National Institute for Medical Research, designed by the original Wembley Stadium architect Max Ayrton, was located on the site; the new development pays testament to Ayrton’s original design both in name and by reproducing the original building’s iconic green copper roof. 

“This unique scheme presented a great opportunity for both parties. This forward funding deal ensures our client can expedite the final phase of their residential masterplan, while Birchgrove has added another impressive site to its expanding Grade A portfolio. Birchgrove are at the forefront of the UK’s senior’s rental market. Following this landmark transaction, we expect to see numerous further seniors housing forward fund deals and partnerships come forward based on current market requirements.” 

Jack Copley, Partner in the Seniors Housing team, Knight Frank

The £36m acquisition of Ayrton House is Birchgrove’s third development in the capital. It comes just weeks after the completion of a 78-apartment development in Hampton Court, with a 50 apartment site in Chiswick having been acquired in 2022. The acquisition also comes as two of Birchgrove’s communities reached full occupancy this month, with its Queensgate Apartments in Sidcup now at over 98% occupancy and Woodbank Apartments in Woking at over 96% occupancy.

The developer currently operates three retirement communities across the South East, with three further communities under construction and now available for rental off-plan, and three further London sites acquired (Chiswick, Hampton Court and Mill Hill).