Recent years have seen a dramatic change in the types of retirement housing available in the UK. Retirement villages now offer a very different experience from traditional care homes and sheltered housing, and the arrival of Continuing Care Retirement Communities (CCRCs) takes the concept a step further, providing the opportunity to remain living in one place, notwithstanding changes in health and mobility.
These new forms of housing appeal to a growing market. The demographics make the case clearly: currently 11.1 million of us are over 65 and by 2050 it is estimated that the number will be 19 million. For this group the opportunity of attractive, active communities with a safety-net of support should it be needed, is very appealing.
For the real estate community – landowners, developers, builders, funds and funders of all types – the potential for growth in this market offers the possibility of a new asset class which could very easily outpace the explosive growth of student housing. We can see from the way the market has developed in the US, Australia, New Zealand, South Africa and Canada just how far it could go in the UK.
Retirement Living: How can we help you?
There is no doubt that this market has particular challenges for the real estate community over and above those offered by any development project, including issues arising from planning, 'event' fees, financing and regulatory requirements. To take full advantage of the opportunities and to negotiate the various difficulties it is essential to have an understanding of the issues and the parties involved.
As the market develops, we are building a understanding of CCRCs and a network of contacts on which you can draw.
With many years of dealing with all aspects of commercial real estate we can guide you through the process and manage the challenges. We offer tax, structuring and funds expertise.