Gavin Stein of specialist property developer Elysian Residences talks us through the inspiration for starting the company and the new standards of home and lifestyle for senior buyers that his range of London developments will offer.
Hi Gavin, please tell us a little about yourself and Elysian Residences.
My name is Gavin Stein, I’m CEO of Elysian Residences. At Elysian Residences we are passionate about delivering the highest level of service in later living. We are seeking to completely revolutionise the UK market, making people’s lives richer, fuller, and happier with our luxurious homes.
I have 15 years of experience in real estate investment and development, working for institutional investment and development firms. I was an associate partner at real estate private equity fund Brockton Capital LLP in London, specialising over a seven-year period in development management for high-end residential developments, as well as multiple operating businesses owned by Brockton funds. Prior to Brockton, I was a senior vice-president at Mesirow Financial Real Estate in Chicago, responsible over a four-year period for residential and mixed-use developments. I founded Elysian in 2013 with a vision of bringing the highest level of care, hospitality and luxury amenities to the UK later-living market.
I have always been really close to my grandparents, and have always felt that we as a society and as individuals owe so much to that generation, which in the US is called the Greatest Generation, who worked so incredibly hard their entire lives. In the US, many attractive, aspirational options exist as a person gets older, which are specifically designed to improve their quality and enjoyment of life. I knew I wanted to create a home that our discerning population would deserve.
Assisting me in our vision to transform the luxury later-living market is a really strong team of staff and advisors, who provide a wealth of experience and expertise in the sector.
How does the Elysian approach to later living differ to current retirement developments?
First and foremost, at Elysian Residences we don’t believe in the word retirement – life is for living, no matter what age you are! Retirement literally means to withdraw, which is the opposite of what we do. Retirement homes have a stigma attached to them as being places where life slows down, and I think that has a lot to do with the current offering.
We are revolutionsing this concept and not at a superficial level – there are 40 years of history of how best to cater to our target population, in ways which have made people’s lives richer, fuller, and happier. We strongly believe that the older generation should be celebrating and enjoying their ‘Platinum Years’.
That’s why we’re investing a significant amount to create £500m in gross development value in this market. The UK is ready for change – the senior market is very much in need for something markedly better. The UK is many years behind other developed nations such as the US, Australia, New Zealand, Canada and Israel. Here there is only a 0.7% penetration rate in the later living market, compared to somewhere like New Zealand who have 5.2% or the US, where it’s closer to 12%. Bearing in mind that we have almost 12million seniors in our country (with this figure expected to rise in the coming years), that figure is shocking and there is no way it cannot change. As people live longer, they need a housing solution which responds to their needs, as our does.
What we offer is the very best in luxury later living for this market, without compromising the freedom and lifestyle they’ve become accustomed to. To excel in the service we provide, we’ve joined forces with One Eighty, a US company with more than four decades of experience across four countries providing luxury hospitality and care.
For us, it’s all about creating homes that enhance the independent and individual life people already lead – with all the benefits of a community, the amenities and service of a hotel or private club and the safety net of care.
What are you currently working on?
We’ve just launched the Landsby in Stanmore and The Oren in Hampstead. The Landsby is situated in the beautiful suburban surroundings of Merrion Avenue. The development will provide 101 new build one- and two-bedroom apartments, including ten penthouses. It is complete with double-height entrance lobby and spectacular, high-end hotel-style amenities set within the heart of Stanmore.
Designed by leading London architect Collado Collins, the Landsby’s architectural style deliberately references the Art Deco period, an era associated with high glamour and luxury. Boasting generous covered balconies, large windows, Art Deco-styled brickwork and feature curves, entry to the Landsby is through an elegant bespoke architectural canopy, designed to keep residents sheltered upon arrival and departure.
Prices at the Landsby start from £490,000 for a one-bedroom apartment and £720,000 for a two-bedroom apartment. Penthouses start from £1.25m.
The Oren, located on West Heath Road, will provide five-star hotel-style facilities, with an on-site spa and hydrotherapy pool, lots of activities and other amenities, restaurant, chauffeur service, discreet, integrated care and more – all within a state-of-the-art building designed by RIBA Stirling prize-winning architects and surrounded by landscapes imagined by Chelsea Flower Show Gold medalists.
The Oren will further offer 46 beautifully appointed two- and three bedroom apartments over five floors including four penthouses with wraparound balconies providing superb views over picturesque Hampstead and Golders Hill Park.
The apartments will be located over four of the building’s floors and range in size from 916 sq ft to 1,430sq ft for a two-bedroom apartment, and 1,568 sq ft to 1,824 sq ft for a three-bedroom apartment. There will also be four penthouses measuring from 1,759 sq ft to 2,400 sq ft with private terraces on the two uppermost floors. Prices at The Oren start from £1.6m for a two-bedroom apartment and £2.79m for a three-bedroom apartment. Penthouses start from £3.5m.
Both schemes offers residents three things; first the chance to purchase their own luxury lateral living apartments, designed to adapt to their needs and taste; second access to first class shared amenity spaces and services, the likes of which you would expect from a luxury hotel or exclusive private members club, and finally, a safety net, in the form of integrated healthcare to residents, discreetly administered should a resident’s circumstances change.
What sort of special features will residents have in their own new home?
Not only do our homes provide plenty of space, the quality of the finishes are superb, ultra-luxurious. Residents also benefit from having lots of amenities on their doorstep, with a five-star hotel-style concierge, gymnasium, events space, spa and treatment rooms – so you can be working out in the morning with a personal trainer, indulging in a spot of pampering in the afternoon, and enjoying a lecture or community event come the evening. We even have a dog groomer on site, so there’s space for your dog to be groomed while all of this is going on!
The real beauty of our residences however, is that there are 30 discreet adaptions that can be made – should they be needed. Things such as low level LED lights to guide residents to the bathroom in the night and all sorts of technology built in, to help people live fully independently for longer.
We have been really thorough to consider the needs of our buyers, we’ve sought advice through focus groups, market research and through our partners One Eighty to make sure our residents feel at home.
What does the future hold for Elysian Residences?
At present, we have the largest pipeline of luxury later living in the greater London area, bringing over 400 new homes to the market, and I sure we will continue with this success.
But most importantly, I’m hoping we achieve a complete attitude change to this market. We think that it’s time to provide people in their Platinum years with the type of home they deserve.