JV buys site in Royal Tunbridge Wells for £55m retirement village

JV buys site in Royal Tunbridge Wells for £55m retirement village
Image : Courtesy of Octopus Real Estate

The UK Retirement Living Fund, managed by Schroders Capital and Octopus Real Estate, has bought a site in the centre of Royal Tunbridge Wells, Kent in a joint venture (JV) with Elysian Residences.

The joint venture plans to develop a new, purpose-built retirement village incorporating 89 luxury apartments, penthouses and hotel-style facilities with a GDV of £55 million.

This new retirement development is the second acquisition made by the ReLF/Elysian JV, following the purchase in April this year of a site for a new retirement scheme in Berkhamsted, which has planning consent and will provide 103 apartments and hotel-style facilities.

Patrick Bone, Fund Manager at Schroder Real Estate Capital Partners, Schroders Capital, commented:

“We are delighted to have created a portfolio of six of the highest quality, and geographically-diverse retirement community schemes across the UK.

“The Royal Tunbridge Wells and Berkhamsted acquisitions have been undertaken with efficiency and focus, demonstrating the strong working relationship and united objectives of the partners. There is a growing need for specialist retirement housing to support the older population in the UK and we are committed to developing first-rate retirement communities.”

Kevin Beirne, Director, Head of Retirement at Octopus Real Estate, commented:

“As a specialist real estate investor, we are delighted to have now completed a second acquisition in ReLF’s joint venture with Elysian Residences. This latest acquisition emphasises our belief that retirement communities provide investors with a strong return and an opportunity to create a positive impact for our ageing society through delivering beautifully designed and sustainable real estate.”

Gavin Stein, Chief Executive Officer, Elysian Residences, commented:

“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.”