Octopus, Elysian JV acquires £55m Tunbridge Wells retirement village
The UK Retirement Living Fund (ReLF) - managed by Schroders Capital and advised by Octopus Real Estate - has acquired a site in Tunbridge Wells, Kent for the development of a £55m retirement village in a joint venture with Elysian Residences.
The site has planning permission to develop a purpose-built retirement village incorporating 89 luxury apartments, penthouses and hotel-style facilities.
A short stroll from Tunbridge Wells town centre, the new urban retirement village will comprise three luxury apartment buildings, complete with a lounge/library, restaurant/bar, function room, guest suite, gymnasium and treatment rooms, with homeowners able to access 24-hour care if required.
Designed to create a thriving community, the new development will reflect a contemporary style, with the apartments having floor-to-ceiling windows and covered balconies, along with gardens and landscaping around the scheme.
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.
Elysian Residences chief executive Gavin Stein said: “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.”