A £50m luxury care home scheme in Windsor – billing itself as “fit for The Queen” – is going full steam ahead after securing £35m in funding.
Castle View Windsor, the first flagship urban retirement village under Care Village Partners’ Castle Retirement Living brand, will provide 130 homes for the over 55s, including a 72 bed care home, in the centre of the historic town.
The tranche of funding comprises £25m debt and £10m from a consortium of pension fund investors backing the care home. Castle Retirement Living will retain the completed development and run the operational business.
The three-acre scheme promises “some of the best castle views in Windsor” from a rooftop sky lounge, bar and garden, a spot right next to Windsor Lawn Tennis Club, secure underground parking, a coffee shop and restaurant.
58 one- to three-bed apartments are being delivered, ranging in size from 605 to 1,115 square feet, and over half of the first phase has already been reserved off plan to local residents. Construction is now underway and the properties will be ready for occupation in Autumn 2018. The development’s separate dedicated care home will operated by Care UK to provide 24-hour nursing and dementia care.
Robin Hughes, Managing Director of Castle Retirement Living: “The successful funding of Castle View is a much needed injection of investor confidence in a sector which has traditionally struggled to attract funding. This is a fantastic long term opportunity for our investors in one of the largest retirement villages of its kind in the UK in a prime urban location and close to all local amenities and shops, just one mile from Windsor Castle.
“Having closely researched the area, there is nothing of this quality in the later life market in Windsor. Our scheme will deliver something substantially better given the final specification and centrality of the site which we have assembled.”
The project is the latest in a flurry of high-end care home projects announced in recent months; other notable examples include Auriens’ “later lux life” project on the King’s Road and the PDP London-designed redevelopment of the Pavilion Road car park in Knightsbridge.