£55M funding for “Later Life Luxe” Development in Chelsea, London

£55M loan facility for Auriens’ “Later Life Luxe” development plans bringing 55 residential apartments and complex.

A £55 million loan facility from Investec Structured Property Finance will support Auriens’ plans to build a new, high quality building in the heart of London’s Chelsea, specifically designed to meet the needs of those in later life.

The new development will also include in excess of 30,000 sq ft of state of the art amenity space, with fully integrated care and health facilities, a first-class restaurant, hydrotherapy pool, spa, gym, private members’ club, café, gardens, library, consulting rooms and cinema.

 

Data released last month from the Office of National Statistics predicts that by 2045, a quarter of the population will be 65 or older, putting houses with solutions for the aging in short supply. Auriens has recognised the need for specially designed apartments to provide for those who wants to live a full and active later life.

The development has been realised by a £200M investment, of which Investec has provided £55M, through a 24-month senior debt facility.

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.

Johnny Sandelson and Karen Mulville, Auriens’ Co-Founders commented: “We’re both passionate about finding solutions for those who are approaching later life, providing them the option of first class individually tailored care in beautiful surroundings.  The purchase of the land is a milestone for Auriens and it wouldn’t have been possible without the support and vision from partners such as Investec.”

The Auriens team have also announced the recent appointment of Brendon Moss as Head of Development to support the next stages of the development programme.

The ground breaking will commence in the summer, with doors expected to open to residents at the end of 2019.

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