Investec Structured Property Finance has provided a £55 million loan to finance a luxury apartment scheme in London’s Chelsea area which is aimed at the retirement market.
The 24-month facility has been provided to Auriens, a firm co-founded by developers Johnny Sandelson and Karen Mulville, which is behind the scheme of the same name.
The property will contain 55 apartments, plus more than 30,000 square feet of amenity space. The building will have care and health facilities alongside a restaurant, hydrotherapy pool, spa, gym, private members’ club, café, gardens, library, consulting rooms and cinema. Care will be provided through a partnership with nursing and care provider, Draycott Nursing.
The development is backed by £200 million of investment, including the Investec debt facility, plus equity provided by a private South African investment fund.
“Luxury later life living is something which the American and Australian markets are doing extremely well. They also have aging populations and have started to create exciting and desirable solutions – the UK is following suit,” said Simon Brooks of Investec.
“Within the UK’s property sphere, whilst there is a definite need to address housing needs across the board, it is our belief that there should be as much focus placed on the top end of the market as there is currently for millennials, as only 2.8 percent of new property being built in the UK focuses on later living,” Brooks added.
Work will begin on site this summer and the scheme is expected to open by the end of 2019.