Auriens costs for a luxury retirement property in London

Retirement flats are not generally know for being glam.  

But a development for over 65s in the heart of London’s fashionable Chelsea is rethinking older age living, offering apartments and service that would rival many a five-star hotel.   

There’s a chauffeur-driven BMW at hand if you wish you to pop along the King’s Road for some shopping, and a bellboy standing in the lobby ready to take your bags on your return.

You can then enjoy the onsite spa facilities and beauty treatments – while your pooch takes full advantage of the dog grooming service – before ordering supper through the 24 hour room service. 

Residents at the new Auriens retirement development can enjoy luxury onsite spa facilities

The menu includes Beluga Caviar costing £280 for 50g and grilled fillet steak with chips for £36.

Gone are the old-fashioned high seat wing chairs for the elderly and red-emergency pull cords associated with some nursing homes of the past. These apartments have bespoke furniture and brass designer kitchens, where the wall cupboards drop down from the wall at a touch of a button.

They also have infra-red beams across the floor that can alert the team of in-house nurses if a resident has fallen.

The developers Johnny Sandelson and Karen Mulville say it is all about ‘downsizing and upgrading’.

They explain that the majority of their buyers so far currently live within two miles of the development on Dovehouse Street.

‘They may have a large multi-million family home that they live in nearby, which is simply too large and old for them to maintain now that the children have left home,’ explains Mr Sandelson.

And Karen Mulville added: ‘Auriens isn’t your average retirement complex. We’re committed to providing the latest and most creative innovations for later life living, whether through our state of the art facilities or first-class services, we aim to enrich each resident’s way of life and provide the gold standard of care.’ 

Auriens doesn’t advise buyers on their existing properties, but there may be the option to part exchange in some cases. 

How much does this luxury retirement cost?

All of this luxury comes at a cost. There is both the initial purchase price of an apartment at the Chelsea development from Auriens and the ongoing monthly amenities and service charges (which doesn’t include the cost of care).

The initial outlay ranges from a 900 sq ft one-bedroom flat costing £3million to a 1,500 sq ft penthouse priced at £10million. 

The monthly charge varies according to a number of factors, including both the size of the flat and how much nursing care is required. For example, the amenities and service charge costs £1,065 a month for the smallest 900 sq ft apartment. Care costs are on top of this, starting from £20 an hour for a carer and from £40 an hour for a nurse.

The care is provided by Draycott Nursing, which was founded more than 20 years ago by Angela Hamlin, former deputy matron of King Edward VII’s Hospital for Officers.

No red pull cords here! The bathrooms are full of designer features, including being able to remove the shower doors so that the area can be turned into a more accessible wet room

No red pull cords here! The bathrooms are full of designer features, including being able to remove the shower doors so that the area can be turned into a more accessible wet room

Residents have access to an outdoor space in the heart of London's fashionable Chelsea

Residents have access to an outdoor space in the heart of London’s fashionable Chelsea

Old-fashioned high seat wing chairs for the elderly have been replaced with bespoke designer furniture

Old-fashioned high seat wing chairs for the elderly have been replaced with bespoke designer furniture

How much would you have to start saving now to be able to afford it? 

We asked pensions expert at Hargreaves Lansdown Tom McPhail to crunch the numbers to see how much someone aged 45 today would have to save every month to be able to enjoy a luxury retirement when they reach 70. 

Unfortunately, he says anyone in their mid-forties without a financial head start can pretty much rule out ever being able to afford such luxury in their retirement.

He calculates that a 45-year-old would need to save £700 a month just to be able to afford such servicing costs if they were to retire at 70 years old.

If you try and do this from a standing start in your mid-forties it is going to be a challenge

This figure increases to £1,050 a month if they want to provide themselves with an overall income of £1,500 a month.

To have sufficient income to afford to buy such a property, the same 45-year-old would need to save around £5,300 a month, assuming they already had £1million in the bank (from an inheritance or a financially rewarding career, for example) and were aiming to accumulate a sum of £3million.

To get to £5million, then they would need to squirrel away £15,200 a month, according to Mr McPhail.

He said: ‘These kind of numbers are clearly beyond the reach of most, they also illustrate the importance of starting early; if you try and do this from a standing start in your mid-forties it is going to be a challenge.’

The figures are based on a 25-year period and assume growth of 5 per cent a year, with inflation and contributions increasing at 2.5 per cent a year. 

The developers claim that out of the 55 apartments, eight have already been sold despite the scheme only launching a few weeks ago and it not being completed for another two years.

Leisure facilities at the Auriens development include a cinema room and a smart bar

Leisure facilities at the Auriens development include a cinema room and a smart bar

Keeping in shape: Personal trainers are available in the gym and the Pilates studio 

Keeping in shape: Personal trainers are available in the gym and the Pilates studio 

 The developers say the project is about setting the gold standard in retirement living

 The developers say the project is about setting the gold standard in retirement living

Cheaper luxury retirement options are available, where residents can avoid such hefty monthly service charges and yet gain access to various leisure clubs.

They include LifeCare Residences retirement village called Grove Place near Romsey in Hampshire, where a one-bedroom flat prices start from £295,000. New activities offered to residents have included clay pigeon shooting and archery.

And there is Audley Retirement, which has several sites in Britain – including in Ilkley, Yorkshire, properties are currently available starting from £345,000 for a two-bedroom apartment.

Audley Retirement prides itself on offering facilities that would be found in a country house hotel, including being able to relax with a good book in the library or make use of the croquet lawn.

The grand entrance sets the scene for the less of the plush Auriens development in Chelsea

The grand entrance sets the scene for the less of the plush Auriens development in Chelsea

The lobby is full of designer touches, with rugs, artwork and a comfortable seating area

The lobby is full of designer touches, with rugs, artwork and a comfortable seating area

The Auriens scheme only launched a few weeks ago and is not being completed for another two years

The Auriens scheme only launched a few weeks ago and is not being completed for another two years

Prices start from a £3million for a one-bedroom flat at the Auriens development, with services fees charged on top

Prices start from a £3million for a one-bedroom flat at the Auriens development, with services fees charged on top

 

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