Work is set to start on a sustainable residential project for the over-55s in Burnham-on-Crouch, Essex, after property developer Burnham Waters secured a £17 million loan from Shawbrook Bank.
Construction on the Burnham Waters” Integrated Retirement Community (IRC) scheme – which will comprise 103 bungalows, 55 independent living flats, a 70-bedroom care home and a parade of shops – is set to begin before the end of the year.
Burnham Waters is in the process of being certified by ARCO (The Association of Retirement Community Operators) and will play an active role in leading the transformation of the retirement sector in terms of the classification, qualification and definition of retirement living.
The scheme aims to reduce CO2 emissions by 30% compared with current building regulation requirements, with highly energy-efficient bungalows each having its own electric vehicle charging point. In addition, the on-site facilities help reduce the need for travel and an electric minibus service provides connection to the town centre.
Shawbrook Bank is supporting Burnham Waters first phase of construction, including the first 44 bungalows, which range from 936 to 1,485 sq ft. Units are expected to be ready for market by late spring/early summer 2023.
Patrick Coughlan, Relationship Manager at Shawbrook Bank, said: