A joint venture between later living developer Amicala and real estate investor FORE Partnership has acquired a five-acre development site in Bristol to build a net zero extra care scheme.
The Westbury Park site includes 92,000 square feet of existing buildings including Grade II listed, Grace House, and five villas fronting Westbury Park, to be refurbished, retaining original period features.
The jv’s ambition is to create a “vibrant community that celebrates ageing in place, through an integrated approach to care with a comprehensive range of services and amenities, both in home and within the communal spaces”.
The scheme will include a high specification clubhouse at the heart of the development providing community, care, and lifestyle services and facilities.
In addition to health and wellbeing, sustainability and social inclusion will be a central focus throughout the design and operation.
The jv has appointed First Base as development manager to deliver the project.
FORE Partnership said the Bristol scheme would be the first of a £300m pipeline of “ultra-sustainable and socially impactful extra care communities”.
“This acquisition, marking our first move into the sector, will achieve the highest standards in sustainability and will be net zero carbon in operation,” added FORE Partnership partner Aurélien Collignon.
“The project will also be designed to deliver social benefit to the local community and promote principles of sustainable living and the circular economy, with a particular focus on on-site food production in partnership with local social enterprises.”
The acquisition was supported by a combined senior loan facility by real estate funding specialist ASK Partners and OakNorth Bank.
“This impressive scheme will target the 70 -80+ age demographic but will also integrate with the community and run outward-focused events welcoming members of the local public - a very important factor in not isolating residents,” said OakNorth Bank senior director of debt finance Deepesh Thakrar.
