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Retirement Villages Group to Acquire ABC Cinema Site in Tunbridge Wells

Retirement Villages Group (RVG), owned by AXA IM Real Assets, has signed an agreement to acquire a 1.5-acre site in the centre of Tunbridge Wells. This is part of RVG’s ambitious 10 year plan to acquire, develop and operate 5,000 homes across 30-40 new developments in urban locations across the UK.

RVG intends to develop a new Integrated Retirement Community on the site of the former ABC Cinema on Mount Pleasant Road and Church Road in Tunbridge Wells. RVG is proposing to develop 150-180 apartments with a supporting amenity provision of a café, restaurant, several retail units and a wellness facility, which will also be available for use by the public.

Most significantly, RVG will be delivering the scheme as ‘whole life net zero carbon’, the most rigorous standard of sustainable development which accounts not only for carbon created in the operation of the building but also carbon generated during the construction process. This will be RVG’s second such scheme following on from the recent announcement of a similarly high benchmark at its scheme at West Byfleet. RVG continues to lead the residential sector with its ambitious sustainability agenda.

Will Bax, CEO of Retirement Villages Group, said: “We are excited to create a community that delivers on our vision for the future of retirement living; integrated, active and sustainable. We’re eager to find more sites like this as we push towards our goal of developing a further 5,000 homes by 2030. This project also reinforces our commitment to minimising our impact on the planet as a net zero carbon developer and operator. We are determined to drive greater collaboration and seek new partnerships as we all respond to the challenge of the climate emergency.”