Silbury Finance, the development lender backed by Oaktree Capital Management, has provided the UK Retirement Living Fund, which is managed by Schroders Capital and advised by Octopus Real Estate, with a £39.3 million senior loan to fund the development of a retirement village in Royal Tunbridge Wells, Kent. Comprising 89 high quality for-sale homes, the scheme is the second project to be developed by the joint venture between ReLF and Elysian Residences, the UK luxury retirement living specialists.
In line with Silbury’s commitment to funding new developments that meet the highest environmental standards, the JV will benefit from a discount on the facility’s exit fee if it achieves a BREEAM ‘Very Good’ rating.
The scheme occupies a prominent location in the centre of the former spa town of Royal Tunbridge Wells, a short walk from the train station and 30 miles south east of Central London.
Developed and operated by Elysian Residences, the retirement village will include 89 apartments, a mix of one, two and three bed, and hotel-style facilities. Facilities include a restaurant, bar, library, gym, sauna, and treatment rooms with access to 24-hour care if required.
The JV was formed in February 2021, to bring forward market leading retirement communities, providing age exclusive new homes for retirees. The Royal Tunbridge Wells development, which is due to open in 2024, represents the JV’s second scheme, as it targets a £200 million Gross Development Value portfolio. Silbury has also partnered with the JV on its first scheme in Berkhamsted which is due to open to residents in Q4 2023, providing a £55 million acquisition and development loan.
Domas Karsokas, investment director at Octopus Real Estate, commented: “We are pleased to be moving forward with the development of this market leading retirement community alongside our joint venture partners and Silbury. Both businesses recognise the need for this kind of housing and share some of our core values. This is reflected in the commitment to developing high quality projects whilst focusing on achieving high environmental standards.”