Wealthy older people will soon be able to live out their final years in style when a luxurious retirement development opens in Chelsea.
The development is a far cry from the images that spring to mind when imagining later life living.
It features a spa, pet parlour, yoga studio, high-end restaurant and cinema.
Named Auriens Chelsea, the apartments are due to open in winter 2019/20.
There will 55 one- or two-bedroom apartments, all of which are targeted at the over-65s.
More like a hotel than an old people’s home, residents will be treated to a 24-hour concierge, valet parking, a private dining room, wine cellar, library, gym, pool, treatment rooms and a beauty salon.
They will also live among landscaped gardens, designed by the winner of the Chelsea Flower Show, Andy Sturgeon, all with a view onto the Kings Road.
Other treats include accountancy services, 24-hour room service, dog walking and events like pilates and yoga.
A one-bedroom apartment will go on sale for £3 million, while the penthouses, which come complete with a terrace, will be offered at £11 million.
Co-founder Karen Mulville, an experienced property development entrepreneur, described life at the complex as “more akin to living in a luxury hotel”. No kidding.
“What marks this project out as distinctive is that behind the design, and beautiful decorations is all the science and technology of a Swiss health clinic,” she told Business Insider.
“Nothing at this level of design has been done before” – Karen Mulville, Auriens
A limited number of apartments are currently up for sale, but would-be residents won’t be able to get their hands on the rest until the property opens its doors.
So far, more than 60 per cent of enquiries have been from people living within 2.5 miles of the development.
Auriens has a studio – which it calls “a shop window into later life luxury” – where prospective buyers can see what the development will look like.
Located in a converted shop off Sloane Square in Chelsea, Studio Auriens’ task is to “unashamedly demonstrate its wares to a very particular and sophisticated shopper”.
Auriens terms this demographic “luxury later lifers”.
The £200 million development was designed by architects Pedro Roos from PDP London with an exterior inspired by Chelsea’s historic townhouses.
DealMakerz thinks this is a sign that property developers are increasingly viewing property for older people as an investment opportunity rather than a mere afterthought.
They’re finally catching on to the fact that the number of over-65s in the UK is rocketing. According to official statistics, 18 per cent of the UK population is aged 65 and over and 2.4 per cent are aged 85 and over.
By 2036, over half of local authorities are projected to have 25 per cent or more of their local population aged over 65.
It’s great that developers are trying to do away with the traditional image of an old people’s home, although sadly it does still exist in many parts of the country. For those people’s families the Auriens development will no doubt be a kick in the teeth.
But if you can afford it, why wouldn’t you?
Want to know the story behind Britain's latest property mogul? Why a company is going bust? Our coverage goes beyond run-of-the-mill news on key real estate issues.
Our subscribers are made up of the most influential Founders and CEO's in UK property. Gain a competitive edge and get informed - read what they read.
Understand exactly what the most senior figures in UK property are thinking. Exclusive opinion articles from powerful real estate influencers that move markets.