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Retirement living specialist Auriens has secured a four-year £185 million loan facility from Goldman Sachs to fund a luxury retirement living development. With its equity partner Zenprop, Auriens plans to use the loan to build a 55-unit scheme just off King’s Road in Chelsea.
Multiplex Construction Europe has been awarded an £80 million contract to build the scheme, which will offer one- and two-bedroom rental apartments — with prices starting at £130,000 a year for a 977 sq ft, one-bedroom unit — and is due for completion by the end of 2020. The prestigious development will also feature a swimming pool, gym, 24-hour concierge, cinema room and gardens.
Auriens co-founder Johnny Sandelson confirmed that the company has already received interest in 20 units, and stated: “The continued confidence and interest from both backers and prospective residents in Auriens Chelsea has taught us that there is strong demand for this quality product.”
While David Meagher, another Auriens co-founder, said: “It’s fair to say that there were a number of times when we feared that Brexit complications might halt our progress, but we are delighted that everything is proceeding as planned.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.