A joint venture has managed to acquire a site in the centre of Royal Tunbridge Wells with planning permission to develop a purpose-built retirement village. The scheme, which has a gross development value of £55 million, will incorporate 89 luxury apartments, penthouses and hotel-style facilities.

The joint venture that acquired the retirement village site is the UK Retirement Living Fund (ReLF), managed by Schroders Capital and advised by Octopus Real Estate, and Elysian Residences. The 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.

“This latest acquisition emphasises our belief that retirement communities provide investors with a strong return and an opportunity to create a positive impact for our ageing society through delivering beautifully designed and sustainable real estate,” said Kevin Beirne, director, head of retirement at Octopus Real Estate.

“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,” added Gavin Stein, chief executive at Elysian Residences.

ReLF’s primary objective is the development of a portfolio of new retirement communities across the UK on the back of undersupply and increasing demand, driven by a growing ageing population.

“The Royal Tunbridge Wells and Berkhamsted acquisitions have been undertaken with efficiency and focus, demonstrating the strong working relationship and united objectives of the partners,” concluded Patrick Bone, fund manager at Schroder Real Estate Capital Partners, Schroders Capital.