Shawbrook Bank has provided a £ 17million development loan to Burnham Waters Ltd for a sustainable retirement village in Burnham-on-Crouch, Essex.
The facility will support the first phase of construction of the Burnham Waters project, which will consist of 44 bungalows ranging from 936 to 1,485 square feet.
When completed, the integrated retirement community project will include 103 bungalows, 55 self-catering living apartments, a 70-room care home and a range of shops.
It will also include a gym for residents, a swimming pool, tennis courts, an on-site doctor’s office, as well as landscaped gardens and nature trails with a high ecological stake.
The program aims to reduce CO2 emissions by 30% compared to current building regulation requirements, with each bungalow having its own charging station for electric vehicles.
In addition, the on-site improvements will reduce travel and an electric minibus service will link with the city center.
Construction is expected to begin before the end of the year, with the first 44 units expected to be ready to market by late spring / early summer 2023.
Kate Chambers, Chief Financial Officer of Burnham Waters Ltd, said: “We are creating a vibrant community for the over 55s in Burnham-on-Crouch, where residents can enjoy independence and privacy while being connected. to friends, neighbors and a host of Amenities.
Ian Holloway, Project Manager at Burnham Waters Ltd, added: “Shawbrook Bank has proven to be a reliable partner who understands the intricacies of financing a multi-phased and complex project like Burnham Waters, and we are on the point to start this important project project thanks to its support.
Patrick Coughlan, Relationship Manager at Shawbrook Bank, commented: “Burnham Waters is an ambitious program, both to deliver high quality life on a large scale and to strive to be ready for a greener future.
“Our experience in real estate development and healthcare means that we have been able to assist developers in the life and retirement care industries, giving them access to specialist financing to implement these essential programs. “