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Cinema site developers switch location for retirement village
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LATER LIVING An artist’s impression of the retirement village on the site of the St John’s Road Aviva bus depot
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29/07/2021 16:44
Move underpins how unattractive ABC plot is to potential investors By Richard Williams THE company that had to walk away from developing the old cinema site in the heart of Tunbridge Wells is behind new plans for an alternative £55million retirement village just a mile up the road. Elysian Residences is part of a joint venture to build 89 apartments along with penthouses and hotel-style facilities in St John’s Road on the site of the former Aviva bus depot. It earlier had to abandon plans for a similar development on the cinema plot when, it is understood, financial backers expressed concerns about ongoing costs. That development had a price tag of £80million. The move yet again highlights the major challenges in developing the ABC site in the town centre that has been vacant for more than 20 years. The plot alone has a current price tag of £17million making it financially
unviable for most investors. The St John’s Road location already has planning permission. Others involved with the project are the UK Retirement Living Fund (ReLF), managed by Schroders Capital and advised by Octopus Real Estate.
‘ABC site owners continue to need a positive return on their investment’ The new development is the second joint venture made by Elysian and ReLF, following the purchase in April this year of a site for a new retirement scheme in Berkhamsted. It is also the eighth retirement village being developed or run by Elysian Residences, despite the group being unable to bring a similar complex to fruition on the ABC cinema site.
Gavin Stein, Chief Executive of Elysian yesterday [Tuesday] told the Times: “Happily we are back in the community with this site which we have acquired on St John’s Road, which is in a prime location in the town, being close to the restaurants, shops, museums and other amenities along with easy connectivity to families and friends. “It is also our eighth retirement scheme overall and we will continue to look for new sites as part of our vision to be the foremost provider of inspiring and elegant retirement communities in the UK. “It is incredibly pleasing to be able to have a new scheme in Royal Tunbridge Wells where we have spent time getting to know the local community over the last three years. “The St John’s Road scheme is expected to be delivered in 2024, subject to minor
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19/07/2021 16:10