Riverstone claims to be reinventing accommodation for the wealthy over 65s with “five star” facilities that include a spa, swimming pool, spa, library, bar, private cinema and 24 hour concierge. There is also a access to a doctor and physiotherapist on site
The new riverside location near Wandsworth Bridge in one of London’s most affluent neighbourhoods will be formally revealed tomorrow and follows a first site in Kensington opened in June by Joanna Lumley.
Chief executive Martin Earp said baby boomers now entering their retirement were the “generation that invented the term ‘teenagers’” and wanted far more from their Autumn years than their parents.
Apartments start from £800,000 for a one bed and £1.5 million a two bed. There is also a flat monthly charge of £1300 per apartment as well as an annual deferred fee of 4% of the value of the property that rolls up to a maximum of 28% of that paid on sale.
The company plans 10 sites in London by 2027 and has identified locations in Bishops Avenue “billionaires row” in north London, and near King’s Road in Chelsea. It is backed with £3 billion of funding including £1 billion of equity from Goldman Sachs and £2 billion of bank loans and proceeds from sales so far.
Earp said: “We’re seeing a distinct shift in behaviour towards retirement from the baby boomer generation to that of their parents. In many ways, they are reinventing the retirement rulebook and looking for later living solutions that enable them to stay active and independent for as long as possible. “
The number of people aged over 65 living in the UK is forecast to increase by 20% to 12 million by 2027.
Earp added: “We have people who have lived in London most of their lives and want to continue to enjoy the wealth of amenities that are on the doorstep of Riverstone. On the flip side we are also talking with people who live outside of London, but are looking for options to release funds whilst right-sizing and also moving closer to children and grandchildren”.