Retirement and Care Village Partners has secured funding for Castle View Windsor as the first flagship urban retirement village under its Castle Retirement Living brand. Once completed, the fully funded scheme in central Windsor will provide 130 homes for the over 55s, including a 72 bed care home.
With a mature project value of £50 million, the £35m funding raised by Castle Retirement Living 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.
Offering some of the best castle views in Windsor from its own rooftop sky lounge, bar and garden and situated next to Windsor Lawn Tennis Club, Castle View Windsor will be one of the most innovative urban retirement villages in the UK and also offer secure underground parking, a coffee shop and restaurant.
The three acre scheme will comprise a total of 58, one bedroom, two bedroom and three bedroom apartments, ranging in size from 605 sqft to 1,115 sq ft.
With a total of 50% of the first phase reserved off plan to local residents, construction is now underway and Castle View Windsor 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 is masterminding the development using his 25 years’ experience in investment, development and care-related projects, having assembled a complex jigsaw of land ownerships over a five year period.
He said: “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.”
Prior to setting up the Castle Retirement Living brand, Robin Hughes developed a number of care villages for Richmond Villages and Shelborne Senior Living before setting up Retirement and care Village partners in 2010.