Sunday, November 28, 2021

Derby retirement apartments secure £12.5m funding

Torsion Care (Derby) Devco Ltd is set to complete a new development of 64 retirement apartments, with a £12.5m development finance solution provided by Shawbrook Bank.

Founded in 2015 by Dan Spencer, Torsion Developments operates across a range of property sectors, including student and residential. Martin Hutson joined with Dan in 2018 to establish Torsion Care, with a focus on the growing demand for stylish and practical retirement housing for the over 55s market.

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, 2x 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.

Supported by the bank’s specialist Healthcare Finance Team, the Development Finance Team at Shawbrook undertook a detailed assessment of the project and decided to extend its facilities to provide property development loans for the retirement and care home sector. The bank structured a £12.5m development finance loan for Torsion to progress the development.

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.”

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.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.