Untold Living, a new later living developer and operator, has received backing from Matter Real Estate to acquire and develop multiple schemes across the UK.
The firm is headed by Russell Jewell, AEW’s former head of private equity funds and Marcus Davidson-Wright, formerly managing director and head of debt and fund operations at AEW.
Backed by Matter Real Estate – an investment firm focused on value-add and opportunistic real estate across evolving sectors in Europe – the company has acquired Chantry Court in Westbury, Wiltshire, as its first site.
The 64-unit retirement village will undergo a refurbishment programme to enhance a range of existing amenities, including a restaurant with sun terrace, bar, lounges, library, hair salon and cinema.
Untold Living has also secured two sites in Crawley, West Sussex, and Newport, Shropshire, to deliver two brand-new later living schemes. Each is set to deliver between 100 and 120 units, comprising both apartments and bungalows.
Mid-market tenures
The schemes will offer a range of high-quality one, two and three-bedroom units – as well as amenities – across different mid-market tenures, targeting ‘older elderly’ retirees, typically over the age of 75, including properties to buy, rent and own through shared ownership.
The site for the Newport scheme already has planning consent for the proposed development. A planning application for the Crawley development is expected to be submitted in Q1 2023.
The company is targeting a GDV of £300m for its initial development pipeline. It is seeking to acquire other suitable sites across the UK to expand its portfolio and is open to discussions with landowners, landlords and agents.
Untold Living will contribute to the 50,000 new purpose-built homes required for older people in the UK each year, tackling the acute shortage of adequate later living accommodation. [1]
The firm’s launch will also help tackle a shortage of “trusted operators” which, according to Knight Frank,[2] is a key short-term challenge for Britain’s later living market.
Russell Jewell, Chief Executive at Untold Living, said: “With Britain’s later living sector primed for rapid growth over the coming years, the investment case for high-quality, purpose-built retirement housing with care is a strong one. [2]
“However, it must be underpinned by a commitment to delivering the same quality of schemes and amenities that has enabled the sector to thrive for many years in Australia, New Zealand and the US.
“We are delighted, then, to receive the backing of Matter Real Estate – an investor which shares our vision for what the future of later living looks like in the UK.
“Our unique mid-market offering will open up retirement living to an even greater number of older elderly who are considering downsizing into more age-appropriate accommodation with care.
“This will enable retirees to live more independent lives, combatting chronic issues affecting older people, especially loneliness, isolation and loss of a sense of purpose – which have been linked to cognitive and physical decline.
Housing solutions
“A greater number of independent later living schemes will help alleviate the acute pressure on local health and social services while also tackling Britain’s housing crisis, freeing up larger homes with numerous spare bedrooms for first-time buyers and growing families.”
David Christie, CEO at Matter Real Estate, said: “We’re delighted to be backing the Untold Living team as they continue scaling up their platform providing high-quality housing solutions within the UK’s senior living sector.”
“Through our partnership with Untold Living, we will be deploying capital that will help to address the ever-intensifying senior living housing crisis in the UK, partly alleviating a shortfall of more than 487,000 recorded senior living housing units required.”
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