New later living developer Opus targets 3,000 new homes

A new later living developer and operator backed by a private equity manager is aiming to build 3,000 homes over the next 10 years.

Opus, unveiled this week, is looking to build 20 to 25 villages over the next 10 years with a total gross development value of £2bn. It initially has plans for two villages, in Southampton and Birmingham to deliver 290 apartments and 90 care beds.

The group is backed by investment from ActivumSG Capital Management, a private equity manager founded in Berlin which has €2 billion of equity deployed in real estate in Germany and Spain. The group is now headquartered in Jersey.

Opus’ management team is led by Paddy Brice and Paul Jackson who have who have more than 15 years’ experience of working together within the sector.

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Brice formerly served as managing director of Richmond Care Villages for eight years.

Paddy Brice, managing director of Opus, said: “ActivumSG will enable Opus to play a leading role in transforming the approach to later living by providing a full continuum of care in a quality setting with exceptional amenities.”

The villages planned in Edgbaston Place in Birmingham and Stoneham Park near Southampton are expected to complete in late 2024 to early 2025.

At Edgbaston Place 111 independent living village apartments, 47 assisted living village suites and a 50-bed care home will be created.

Stoneham Park’s accommodation will consist of 91 independent living village apartments, 41 assisted living village suites and a 40-bed care home.