Developer to complete 64 retirement apartments after £12.5m boost
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Some 64 retirement apartments are set to be built in Derby after Torsion Care (Derby) Devco signed a £12.5m development finance deal with Shawbrook Bank.
Last year, Torsion Care secured land at Manor Kingsway, Derby to create a new Burghley Retirement Living development with 64 individual apartments, communal lounges, a gym, a library, two guest suites and serviced office accommodation.
Torsion Developments was already working with Shawbrook on a 361-bed student accommodation project in Lincoln when Torsion Care approached the bank to discuss funding for the retirement development in Derby
Martin Hutson, director of Torsion Care, said: “Over the last few years, we have seen an increased need for homes that are designed to suit the independent living style of the over 55s yet have the longevity and cater for extra care facilities for later life.
“With this in mind, we introduced Burghley Retirement Living and then identified the opportunity to build a new retirement complex at Manor Kingsway. We then wanted to work with a funding specialist that grasped the overall aim of the development and could support us throughout the life of the project.”
“The Development Finance team at Shawbrook have extensive knowledge of the property industry and, bringing their healthcare finance team onboard where required, they quickly understood requirements relating to the retirement and care home element of the project and arranged the funding to make this happen.”
Alastair Partridge, senior relationship director for development finance at Shawbrook Bank, said: “We’ve known Torsion for a few years now and are already working with them on an existing project, so recognise their development expertise and ability to deliver a high quality product.
“The scheme at Manor Kingsway was an interesting challenge as we were entering a new sector for the Development Finance Team and needed to consider the retirement and extra-care elements of the project. Fortunately, our in-house Healthcare Finance team have extensive knowledge of this sector and with their assistance, we could move swiftly to support Torsion Care with this development.”