Construction work will begin in the New Year on a new retirement village on the outskirts of Cirencester

Octopus Healthcare, part of the Octopus Group and Rangeford Holdings, have announced the new facility, Siddington Park, on a 12 acre site.

The retirement village will feature a range of luxury one, two and three-bedroom retirement cottages and apartments with residents benefiting from onsite amenities such as a restaurant, wellness spa, pool, gym, concierge and integrated care services.

Construction of the first phase, which comprises over 116 units on 8.2 acres of the site, will commence in summer 2019 with completion scheduled for late 2021. In addition, the adjacent 3.8 acre plot has outline planning consent for further units, which will be brought forward in phases following the completion of phase one.

Siddington Park builds on the established partnership between Rangeford and Octopus Healthcare, which has led to the development of modern retirement villages in Wadswick Green, Wiltshire and in Mickle Hill, North Yorkshire.

According to Octopus Healthcare's recent Healthcare Infrastructure report, 57% of global institutional investors surveyed are considering investing in retirement housing, with the UK attracting the most demand for investment recognising the supply and demand imbalance in the current market.

Kevin Beirne, director at Octopus Healthcare, commented: "The retirement living sector is changing with a growing population of over 60s seeking high quality, modern premises and facilities that meet their active and social lifestyles.

"Siddington Park meets those needs and, in an idyllic setting, has been designed to complement the existing housing provision in this area for the affluent Cotswolds community.

"This is our third development in partnership with Rangeford and we look forward to working closely with them as we progress this project."

Howard Nankivell, chief executive officer of Rangeford, added: "The growth of our portfolio reflects the continuous demand for high-quality retirement properties. With our third project on the way, we continue to seek further development opportunities in the UK to deliver modern village living options for the over 60s. With that in mind we are keen to hear about land opportunities and extend our network of contractors."