UK: Senior living developer Riverstone is in talks to secure new projects worth £500 million.
The Goldman Sachs-owned developer of luxury later living units launched sales of its first London apartments earlier this week, in Kensington and Fulham.
Chief executive Jason Leek told Property Week: “We lost a little bit of time last year. It was difficult to engage with people and obviously there was a high degree of uncertainty during the pandemic. But we have a super-interesting pipeline now. We’re in negotiations for around £500 million worth of opportunities.”
Riverstone Kensington comprises 190 one-, two- and three-bedroom apartments, while the Fulham scheme will have 161 one-, two- and three-bedroom units. Each development will also include a library, bar, restaurant, cinema, spa and club room.
Residents will also automatically become members of the Riverstone Club, which will allow access to all Riverstone schemes. The developments are the first two of at least 10 the company is targetting in London.
The two existing weren’t developed by Riverstone – the Kensington building is the last phase of Berkeley’s Royal Warwick Square and the Fulham site was the second phase of Barratt London and L&Q’s Fulham Riverside development – but the company is now looking for opportunities to develop schemes itself.
“We don’t want to take on all the planning risk ourself. We can take on a bit around changes to schemes and things like that, but we’re not looking at landbanks or big portfolios of land, some of which may or may not come to fruition,” said Leek.
