A ca. €65m (£55m) loan facility from Investec Structured Property Finance will support Auriens’ development plans in the heart of London’s Chelsea. The new, high quality building will comprise of 55 residential apartments and in excess of 30,000 ft² of state of the art amenity space, which have been specifically designed to meet the needs of those in later life.
The building will have fully integrated care and health facilities alongside a first-class restaurant, hydrotherapy pool, spa, gym, private members’ club, café, gardens, library, consulting rooms and cinema. Bespoke care will be provided through a partnership with London’s leading nursing and care provider, Draycott Nursing.
The development is timely with data released last month from the Office of National Statistics predicting that by 2045 a quarter of the population will be 65 or older, meaning housing solutions for those in their later years will be in short supply. Auriens has recognised this need for specially designed apartments to provide a luxe solution for those who want to live a full and active later life.
Simon Brooks, Investec’s Structured Property Specialist said: “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. 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% of new property being built in the UK focuses on later living. With a number of entrants looking to service this market we were impressed by Auriens integrated approach and close attention to detail across the board from the design of the apartments to unrivalled quality of care. The bespoke and innovative qualities that Auriens is looking to bring to the market mirror our approach to development financing and we look forward to this being the first of a number of similar deals moving forward."
