Elysian Residences had wanted to build a £80million ‘later living’ complex called ‘The Belvedere’ on the land at the top of Mount Pleasant Road, featuring around 100 apartments, a boutique cinema, restaurant and shops.
The site had been empty for more than 20 years, but the developer had to pull out of the deal in October 2020, blaming uncertainty caused by the pandemic.
The company, which reiterated its ‘commitment to Tunbridge Wells’ when the deal fell through, found a new site to build its retirement complex on the former home of the Arriva bus depot in St John’s Road.
The developer has now been given a £39.3million loan from Silbury Finance to build the 89 luxury apartments, penthouses and hotelstyle facilities.
The loan has been provided to UK Retirement Living Fund (ReLF), which is managed by Schroders Capital and advised by Octopus Real Estate.
The scheme is the second project to be developed by a joint venture between ReLF and Elysian.
The urban retirement village, due to open in 2024, will consist of three luxury apartment buildings, with a lounge/library, restaurant/bar, function room, guest suite, gymnasium and treatment rooms, with homeowners able to access 24-hour care if required.
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.
“This transaction increases our exposure to both the high growth retirement living sector and a highly reputable sponsor, and keeps us firmly on track to meet our first-year lending target of £350m,” said Silbury Finance founding partner Gavin Eustace.
“At the same time and reflecting that the built environment needs to address carbon emissions at the design and construction stage, not just operationally, the innovatively structured facility offers an incentive to the borrower on exit if it meets certain criteria,” he added.
