We along with Schroders Capital acquired a large site in the centre of Royal Tunbridge Wells in a joint venture (JV) with Elysian Residences. The site had planning permission to develop a new, purpose-built retirement village incorporating 89 luxury apartments, penthouses and hotel-style facilities with a GDV of £55 million.
Our primary objective was the development of a portfolio of new, high-quality, retirement communities across the UK on the back of undersupply and increasing demand, driven by a growing ageing population. We want to ensure it is delivering a positive social impact through local employment creation and freeing up much needed family homes. Additionally, the retirement villages ease pressure on the NHS through the provision of onsite medical facilities and wellbeing amenities which promote a healthy lifestyle for older residents. The Fund’s multi-operator strategy allowed institutional investors to access a diverse range of assets through one expert team.
“This is the second retirement village site acquisition that Elysian Residences has made in partnership with Octopus Real Estate and Schroders Capital, with the Royal Tunbridge Wells and Berkhamsted developments set to deliver almost 200 new properties for this key demographic. This is our eighth retirement village (at different stages of development) and Elysian Residences is actively looking for new sites and investment opportunities as part of our vision to be the foremost provider of inspiring and elegant retirement communities in the UK.”
Gavin Stein, Chief Executive Officer, Elysian Residences