Singapore-listed City Developments Limited (CDL) has been given the go-ahead to build a luxury care home worth up to £200 mln in Knightsbridge, central London.
Planning consent has been granted by The Royal Borough of Kensington and Chelsea Council for the scheme comprising 34 two-bedroom apartments, which will be built by CDL's subsidiary Beaumont Properties Limited, represented in the UK by Dartmouth Capital Advisors.
Kwek Leng Beng, CDL executive chairman commented: 'We have worked closely with the Royal Borough of Kensington and Chelsea Council to draw up a scheme that will appeal to discerning residents in retirement. The Borough has a significant stable, ageing, demographic that is asset rich yet whose needs are insufficiently provided for by the current housing stock.'
He added: 'We aim to provide a community style of living for this group, supported by excellent on-site medical care, close to local amenities, shops and restaurants.'
The six and seven-storey luxury care home will offer apartments for sale on 999-year leases. Facilities within the development include a luxury spa, swimming pool, communal library, private doctor’s surgery, 24-hour concierge service, dedicated nurse care rooms and car parking.
The site is located at 28 Pavilion Road, between Sloane Street and Harrods, and is currently a 1970s brutalist car park, which will be demolished to enable redevelopment.
A recent housing assessment from The Royal Borough identified that its number of residents aged 65 years old and over will increase from 14% in 2012 to 23% in 2037, significantly higher than the figures for London as a whole (17%) and the neighbouring boroughs of Hammersmith and Fulham (16%) and Westminster (18%).
Dartmouth Capital Advisors Limited is development advisor to Beaumont Properties Limited. Planning advisors were Colliers and Barton Wilmore.