Here comes the world’s most expensive old folks’ home.
Leading property investor Johnny Sandelson says he is planning to develop an ultra-luxury retirement complex in one of the priciest enclaves of west London at a cost of £600m, if it is approved by planners later this week.
Speaking to City A.M., Sandelson said he was confident that the scheme will be given the green light by the Royal Borough of Kensington and Chelsea planning committee tomorrow.
The 2.7 acre site in Kensington Square, just off Kensington High Street, was previously the site of Heythrop College, a Catholic theological academy which was part of the University of London, but it was snapped up by Sandelson's Westbourne Capital Partners after a competitive bidding process last summer for a reported £100m.
“There is massive demand for high quality elderly living…This will be the largest elderly campus in London” according to Sandelson, who said the cost would be approximately £600m.
The location incorporates 23-24a Kensington Square as well as large private gardens and several additional buildings, and is expected to create roughly 150 apartments as well as returning two listed townhouses to their intended residential use.
The development would be the second high-end retirement home in the pipeline for Sandelson, whose co-founded business Auriens is set to open a £250m Chelsea luxury care home behind the Kings Road next year.
The SW6 development will feature a pet grooming room and hydrotherapy pool.
Sandelson said that he intends to make it "the opposite of a lights-out oligarch development – the lights will be on all year round."