Goldman Sachs backs Auriens with £185m loan
Goldman Sachs has backed luxury retirement developer Auriens with a £185m loan, to build out its Chelsea scheme at Dovehouse Green, King’s Road.
Led by Johnny Sandelson, Auriens offers luxury apartments for later living on a rental basis in the city centre. It is backed by South African investment fund Zenprop. A 24-month £55m loan from Investec expired this year.
Sandelson said: “Elderly care has never been properly provided for in London, whereas around the world it is. We get enquiries from Australia, New Zealand and North America, where a very large percentage of the housing stock is designated for that demographic.”
Goldman Sachs has backed luxury retirement developer Auriens with a £185m loan, to build out its Chelsea scheme at Dovehouse Green, King’s Road.
Led by Johnny Sandelson, Auriens offers luxury apartments for later living on a rental basis in the city centre. It is backed by South African investment fund Zenprop. A 24-month £55m loan from Investec expired this year.
Sandelson said: “Elderly care has never been properly provided for in London, whereas around the world it is. We get enquiries from Australia, New Zealand and North America, where a very large percentage of the housing stock is designated for that demographic.”
Whereas in North America the rental offering is popular, Sandelson noted: “In London, no one has provided anything for it.”
The Chelsea scheme on King’s Road comprises 130,000 sq ft – with 55 apartments, restaurants, bars, a hydrotherapy pool and a private members’ club. Draycott Nursing will provide on-site care.
“[It has] all the facilities you’d imagine going with a high-quality scheme for a particular wealthy demographic,” said Sandelson.
The building topped out last week and potential tenants have begun to make enquiries. Prices start at £130,000 a year, and Sandelson said he already has 20 people looking to reserve spots.
The rental option means that wealthy individuals can sell their typically larger homes and avoid stamp duty on a new home that provides full flexibility and amenities, in the city centre.
Sandelson said: “Everyone can see the advantages of getting rid of a big asset and moving into something which has been specially designed for their needs. Because we’ve got all of the medical care in the facility, people never have to worry about having to move again.”
Contractors Knightbuild and Multiplex have been responsible for the build, with completion expected at the end of next year or early 2021.
Auriens has additional developments including its St John’s Wood scheme and King’s Gardens in Kensington.
Last year, Goldman Sachs backed new later-living developer Riverstone Living to build a £2bn London portfolio of luxury flats.
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