Clydesdale Bank, one of the UK's best performing business banks, has completed a £14.5m deal to transform a former school and Victorian health spa into a luxury retirement community.
St Elphin's Park is located on the edge of the Peak District and in 2005 was acquired by Raven Audley Court plc - a joint venture between AIM-listed property developers Raven Mount Plc and assisted living provider, Audley.
The five-phase project, which is due for completion in 2010 will see the old school building upgraded into a five-star living environment for the over 60s incorporating homes and community areas such as a bistro restaurant, library, bar and coffee shop in addition to a wealth of leisure facilities.
"This is an exciting development by Raven Audley Court to build a first-class retirement community in grand surroundings," said Ian Stockdale, senior partner in Clydesdale Bank's Property Finance Team.
"St Elphin's Park is the latest development in Raven Audley Court's retirement property portfolio, and it offers a unique way of life spread across 14 acres of beautiful surroundings. Working with businesses such as Raven Audley Court - from supporting their ambitions and raising finance to helping them to meet growth plans - is something that Clydesdale Bank is fully committed to, and we recognise the value that partnering successful businesses like this brings."
Dominic Connolly, Financial Director at Raven Audley Court added:
"The architectural splendour of the old school building will be brought back to life as a result of this exciting development. A total of 127 properties will be built across the refurbished St Elphin's Park site - the first of which will be occupied towards the end of the year. The initial launch has already seen 80% of the first release reserved off-plan
"The site will also house recreational areas such as tennis courts, an indoor swimming pool, a fitness & exercise suite and even a croquet lawn.
"Raven Audley Court is committed to creating luxurious homes in a friendly and comfortable community - and St Elphin's Park will epitomise this."