Unique seniors housing option set to be offered on regen site
LOS ANGELES: A regeneration site will offer hotel, apartment hotel, luxury retirement living and elderly care home living options.
Near Chiswick Park station, the site sits within Chiswick Green, a central area of the West London village which is undergoing a regeneration project.
The development site currently comprises six, three-storey buildings and comes with an existing detailed planning consent to be developed into a five-storey mixed-use building.
There is scope to create a luxury retirement living or elderly care home scheme extending to an area of around 5,876 square metres.
The site is being brought forward by real estate investment and development asset manager, Portobello Trust.
Patrick Ruddy, director of Portobello Trust, commented: “Portobello Trust has a track record of delivering mixed-use schemes in London’s Prime Villages. Chiswick presents an opportunity to acquire an asset that benefits from a substantial planning consent, suited to a variety of uses. The development will complete the regeneration of the micro-location, delivering a high-quality and sustainable new-build property along with an enhanced public realm in close proximity to Chiswick Park Station and Turnham Green.”
Jordan Rundle, director of healthcare development and investment at Christie & Co, commented: “It is rare to find a development site with strong potential for a luxury elderly or retirement living development opportunity in such a prime London location.
“Chiswick is a leafy west London village with an exceptional affluence profile indicated by average house prices in excess of £1 million and local new build residential tone in excess of £1,000 per square foot.
“Statistical demand for purpose-built accommodation for the elderly is very high in the local catchment and the site already benefits from a substantial mixed-use planning permission with good scope to re-purpose for alternative uses including a mixture of C2 models.”
Craig Millward, director of corporate hotels at Christie & Co, commented: “Sites as prime as this, which are suitable for hotel development come around rarely so it’s perhaps not surprising, even in the current challenging funding climate, that we have already seen competitive demand from hotel owner-operators interested in acquiring the site as well as from international flags to badge the asset.”
Adam Lowenthal, director of Aparthotel Investments at Saxbury, commented: “We are very excited about this potential aparthotel scheme in Chiswick as we have seen a lack of supply of legitimate short-term accommodation in this area. This is in spite of the high level of demand coming from corporates at Chiswick Business Park and along the Golden Mile.”