Ask and OakNorth back investor’s retirement debut
Lenders Ask Partners and OakNorth Bank have provided backing for Fore Partnership’s first extra-care retirement housing scheme.
Fore Partnership has teamed up with operator Amicala to invest £300m to developing sustainable later living schemes, with a debut scheme in Bristol.
Ask and OakNorth have agreed a £7.2m loan to develop the first scheme. It will enable redevelopment of the former St Christopher’s School in Westbury Park (pictured). The school comprises 93,000 sq ft of buildings, including the Grade II listed Grace House. The joint venture has appointed First Base as development manager.
Lenders Ask Partners and OakNorth Bank have provided backing for Fore Partnership’s first extra-care retirement housing scheme.
Fore Partnership has teamed up with operator Amicala to invest £300m to developing sustainable later living schemes, with a debut scheme in Bristol.
Ask and OakNorth have agreed a £7.2m loan to develop the first scheme. It will enable redevelopment of the former St Christopher’s School in Westbury Park (pictured). The school comprises 93,000 sq ft of buildings, including the Grade II listed Grace House. The joint venture has appointed First Base as development manager.
Deepesh Thakrar, senior director of debt finance at OakNorth Bank, said: “This impressive scheme will target the 70 – 80+ age demographic but will also integrate with the community and run outward focused events welcoming members of the local public; a very important factor in not isolating residents.”
Daniel Austin, chief executive at Ask Partners, said: “With an ageing, yet increasingly active population, this scheme is likely to strongly appeal to downsizers making their final move, whilst they are still active and want to remain part of a community.”
Earlier this week, Basil Demeroutis, managing partner at Fore Partnership, told EG he was exploring further opportunities in alternative residential sectors. Demeroutis said: “There will be three legs of the living strand – co-living, assisted living and affordable housing.”
Fore has been bidding on projects for that last leg, with schemes in temporary accommodation and affordable provision. “That’s the next area we are going to tackle,” added Demeroutis.
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Image courtesy of Fore Partnership
