Marstead Living, a developer specialising in integrated retirement communities, has successfully obtained mortgage finance from Federated Hermes Private Credit. This funding, facilitated by Deloitte’s advisory services, has enabled the purchase of an 18-acre site in Mill Hill, located in the Borough of Barnet, London. The project, named Marstead Mill, is set to be a pioneering retirement village valued at over £260 million.

With full planning permission already secured from the London Borough of Barnet and the Greater London Authority, Marstead Mill represents Marstead Living’s inaugural venture into the retirement sector. The project aims to address the significant shortage of retirement housing in the surrounding district by offering 175 one, two, and three-bedroom apartments designed for the over-65s.

Set to commence construction before the year’s end, with an expected completion in 2027, the development is not just a place to live but a lifestyle choice. The site, previously home to the Jehovah’s Witness International Bible Students Association UK headquarters, will be transformed into a vibrant community with extensive amenities including a residents’ lounge, restaurant, café, and health facilities like a swimming pool and fitness suite.

In addition to housing, the scheme will contribute to the local community by providing nine affordable family homes and a community centre within an adjacent site. This area will also feature a park café and a 7-acre public green space, enhancing local biodiversity and community interaction.

The project also underscores a commitment to sustainability, aiming for a net-zero carbon footprint through renewable energy sources and the addition of 175 new trees. Marstead Mill is set to establish a new standard in retirement living in the UK, transitioning from traditional real estate models to a lifestyle-centric approach already popular in countries like New Zealand, Australia, and the USA.

Vincent Nobel of Federated Hermes expressed confidence in the project’s success, noting the strength of Marstead Living’s vision. Mark Alper, CEO of Marstead Living, echoed this sentiment, highlighting the project’s potential to redefine retirement living standards in the UK.