_Senior Living completes £300m transaction in retirement living scheme
Knight Frank's Senior Living team has advised on a landmark deal; Riverstone Living’s forward-purchase at St Edward’s Royal Warwick Square, Kensington development.
The sale of 190 homes in two separate buildings to Riverstone will see the creation of 86 homes in one building and 104 homes in another for sale as up-market senior living accommodation.
The first 86 homes being acquired by Riverstone Living are expected to be completed in early 2022, and the second phase is expected to be completed a year later.
There will be a mixture of one, two-and three-bedroom apartments sold on a long leasehold basis to a high standard of specification.
Tom Scaife, Head of Senior Living, says:
“This deal is the culmination of what we’ve been seeing over the past few years in terms of increased deal size and increased international investment, notably from North America.
“Investors are moving from student, to BTR and now to senior living – it’s the next evolution. We continue to see on-going land requirements in town centres across the UK from both established funders and new entrants.”
Other recent deals for the Senior Living team include acquiring three town centre sites, including a retail site in Bath and former hospital in Epsom for Legal & General’s Guild Living platform.
Projections from Knight Frank indicate that the number of over 85 year olds living in the UK is set to double by 2041 and treble by 2066 – by which time there will be a further 8.6 million residents over the age of 65.
The Senior Living team offers professional property consultancy services for senior living developers, funders and operators specialising in housing, senior living, assisted living and other related services.
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