Tag: Assisted Living
Global property consultancy Knight Frank says current stock levels of retirement housing and projected demographic changes highlight a critical undersupply of age-appropriate homes.
In its latest report, The Case for Retirement Housing, the firm assesses the drivers of what it describes as an ‘imminent crisis’. There are currently 11.8m people in the UK over the age of 65, which is forecast to rise by 20% over the next decade. This means that the time spent in ‘retirement’ will also lengthen, underpinning the need for retirement housing.
The gap between the potential pool of demand and current supply is stark. Present stock (from age-restricted over-55s housing to housing with care) comprises 725,000 homes, which equates to just .2.6% of the total housing stock in the UK.
Knight Frank’s research suggests that about 25% of over-55s would consider downsizing; or moving into some sort of … Read More »
Inspired Villages Group (IVG), an operator and developer of later living accommodation established by Legal & General in August 2017,has acquired Ledian Farm in Leeds Village in Kent.
The seven acre site, which comes with a detailed planning consent for a retirement village, is expected to have a gross development value of more than £50m and provide over 115 homes when built. Located close to Leeds Castle, it has an attractive setting on the edge of Leeds village, offering an idyllic country outlook within an existing village community.
IVG chief executive Jamie Bunce said the acquisition of Ledian Farm further expanded the group’s national footprint, currently arranged over six village schemes in Warwickshire, Cheshire, West Sussex, Devon and Hampshire, as it looked to satisfy the growing demand for well-designed later living communities, expanding its property portfolio to 3,500.
“Ledian Farm is the seventh … Read More »
North East operators Crown Care have announced plans for care villages and care homes throughout the UK.
The company has planning permission in place for three developments with others in the pipeline as the company embarks on major growth plans.
“We pride ourselves on providing thriving homes with a philosophy of care that puts the needs of our residents at the centre of everything we do and how we do it,” said Crown Care director Baldev Ladhar.
“We are investing more than £115m to deliver a nationwide portfolio of care facilities with the focus on the care village model – communities at the heart of the community where they are based.
“Crown Care is investing not simply in new homes but in taking the whole care concept to the next level. The company has attracted some of the leading clinicians and managers from across … Read More »
Specialist care provider Heathcotes Group is increasing its capacity to provide a full care pathway for service users with plans to establish independent supported living accommodation in every region where it operates.
The first of a series of new developments began in January with the construction of supported living apartments in Nottingham and Leicester for service users who no longer require full-time residential care.
Last year Heathcotes helped 25 individuals to move into a more independent setting and the company’s success in supporting service users to complete the transition has driven the decision to increase its provision of self-contained accommodation, which currently includes properties in Wakefield, Northampton and Stoke Mandeville Heathcotes managing director Brendan Kelly said the company was responding to the changing market and looking to develop more self-contained provision.
“This accommodation is available for individuals who have progressed through their care pathway, … Read More »
Action on Elder Abuse (AEA) has called attention to reports that tens of thousands of instances of abuse have taken place in sheltered housing over the last three years, as revealed by a BBC File on Four investigation.
Data collected via Freedom of Information requests sent to local authorities shows that over the period 2014/15 to 2016/17, more than 30,000 instances of abuse in sheltered housing complexes were recorded across the UK.
The figures showed a 30% increase over the period, despite many councils providing either incomplete data or none at all.
AEA director Stephen McCarthy said the findings were “deeply troubling” and should trigger an urgent investigation into what is happening, and what is being done about it.
“Sheltered housing is not regulated in the same way as residential homes, and most complexes no longer have dedicated managers living on site,” said Mr … Read More »
Caring Times, December 2017
Frontier Estates, one the UK’s leading developers specialising in the healthcare sector, has completed a pre-let and forward funding agreement of four premium retirement homes.
Frontier were advised by Colliers International.
The four new schemes in Watford, Bedford, Flitwick and Letchworth will provide a total of 308 rooms for One Housing Group who have entered into new 30 year indexed leases on the properties which will be completed in 2019.
The deal cements One Housing’s expansion into the private care home sector with the development of their new, premium, private care home brand, Baycroft, a portfolio of luxury, state of the art care homes, dementia facilities and senior villages throughout London and the South East.
The new developments have been forward funded by Aviva’s REALM fund for a total commitment of approximately £70m.
Adam Lenton, Head of Healthcare for Colliers International commented “Working … Read More »
Not for profit care and housing provider The Abbeyfield Kent Society is to close The Dynes residential care home in Kemsing, with plans to redevelop the property as extracare housing.
Citing undersized rooms, the need for modernisation and viability, the society has given residents and staff six months’ notice of the planned March 2018 closure and says both residents and staff will be fully supported ahead of, and during, their move, either to another Abbeyfield Kent care home, or elsewhere.
Director of operations Katrina Levett said The Dynes was no longer longer financially viable.
“It has undersized rooms that do not meet the standards required for the 21st Century, particularly the lack of ensuite bathrooms,” said Ms Levett.
“In addition to this, we have struggled with recruitment for several years, due to the home’s rural location.
“The safety and wellbeing of our residents is our … Read More »
Frontier Estates, a UK healthcare developer, has completed a pre-let and forward funding agreement of four premium retirement homes.
The four new schemes in Watford, Bedford, Flitwick and Letchworth will provide a total of 308 rooms for One Housing Group who have entered into new 30-year indexed leases on the properties which will be completed in 2019.
The deal cements One Housing’s expansion into the private care home sector with the development of their new, premium, private care home brand, Baycroft, a portfolio of luxury care homes, dementia facilities and senior villages throughout London and the South East.
The new developments have been forward funded by Aviva’s REALM fund for a total commitment of about £70m. Frontier were advised by Colliers International. Adam Lenton, Head of Healthcare for Colliers, said: “Working with John Knowles in our national capital markets team, we were delighted … Read More »
Under supply of retirement living accommodation in the mid to upper market tiers and increase in life expectancy is driving strong re-sale and price growth in the retirement living market, according to real estate investment advisors JLL.
Analysis was undertaken by the firm into the performance of properties in the housing with care market, managed by members of the Associated Retirement Community Operators (ARCO) over the past 22 years. This form of housing comprises self-contained units with communal facilities and on-site care. It is the fastest growing form of housing in the retirement living sector.
The key finding is that this form of retirement living accommodation tends to follow UK house price growth. Since 1995 the compound growth rate for housing with care has been 6.0%, with an average price difference between sales of just over £41,000. JLL predicts that based on … Read More »
Caring Times, March 2017
Universities Superannuation Scheme Ltd and Morgan Sindall Investments Limited have launched a new joint venture – the ‘Supported Housing Investment Limited Partnership’ (SHIP).
The landmark transaction brings together USS, one of the largest pension schemes and real estate investors in the UK, with MSIL’s market-leading expertise in social infrastructure development and investment.
At launch, the partners will commit £100m to SHIP, with USS providing 95% of the capital and MSIL retaining a 5% stake – and acting as asset, property and portfolio manager. As the asset class matures, and provided that the market continues to offer suitable opportunities, the JV partners intend to increase the SHIP portfolio value to £200m. Initially, SHIP will deliver over 500 new purpose-built supported independent living apartments across the UK.
The housing will cater for vulnerable people with physical and learning disabilities, enabling them to … Read More »