ELM Group expands portfolio of UK retirement housing with six new properties in Warwickshire
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Six Warwickshire-based properties are being onboarded by the property management company this week as part of phase one of its acquisition strategy.
Property management company ELM Group has announced the major acquisition of retirement property which sees it take over ownership of six retirement properties in the Warwickshire area this week.
The Coventry properties, previously owned by leading housing provider Orbit, include Brownshill Court - a retirement housing complex located in Coundon, St Catherines Lodge – a development based on Holyhead Road and Winterdean – an age exclusive retirement complex based in Balsall Common.
Also included in the sale are Brooke Court on Little Pennington Street in Rugby, Oakfield House on Binswood Avenue in Leamington Spa and Icknield Court – a riverside development on Icknield Close, Bidford-on-Avon.
The formal sales process facilitated on behalf of Orbit will see ELM Group acquire 1,368 units in total across 30 local authority areas, taking its portfolio of properties across the South of England from over 3,300 to 4,638 units – representing a combined growth of nearly 50% of owned and managed properties.
The property acquisition in Warwickshire forms part of the first tranche of property transfers, with the second set to take place on 1st February 2024 and the final tranche on 4th March 2024. This will ensure that a high level of attention can be given to make the transition as seamless and stress free as possible for all leaseholders.
As a specialist operator in the retirement sector, ELM Group will be taking over both the freehold and management services for the six properties meaning that residents will be able to benefit from the company’s 52-year experience of owning and managing retirement properties, many of which have become valuable communities for its residents.
Lorraine Collis, Chief Executive of ELM Group, said: “This is an incredible, significant time for ELM Group as we enter a period of the greatest expansion the organisation has seen in such a short space of time. ELM Group was built on a foundation of pioneering housing in the retirement sector so we are perfectly positioned for ensuring the transition from Orbit to us is successful.
“We have continued to build our business on our reputation for service excellence and we’ve become well known for our honest, upfront, and ethical approach to property management. We look forward to bringing these properties in the Warwickshire area onboard and doing everything we can to ensure a smooth and positive transition for the existing residents.”
Paul Richards, Group Director of Customer and Communities at Orbit, said: “We are delighted to complete this transfer with ELM Group. As a specialist provider in the retirement sector, we believe ELM Group will be able to offer long-term benefits to residents.
“This transfer also supports our densification strategy and creates operational economies of scale across our wider portfolio.”
The acquisition has been facilitated for ELM by PDT Solicitors and Fairthorn Farrell Timms Surveyors and Savills and Anthony Collins Solicitors for Orbit.
ELM Group manages and owns retirement communities across the South of England and has become one of the UK’s leading retirement leasehold management companies.
The company originated in 1971 as Retirement Lease Housing Association (RLHA) a charitable organisation founded by a group of volunteers with a shared vision - to pioneer the development of sheltered housing for sale to people of retirement age.
Sheltered housing for rent was already widely available, but the founders wanted to introduce the concept to those who valued owning their own property and saw the benefits of a purpose-built Estate, with onsite support from an Estate Manager.