Land is in such short supply that a major retirement firm is appealing for a site in the centre of Norwich.
McCarthy & Stone is looking to invest £5 million in older people’s housing in the city creating around 40 new apartments. The build would see 50 jobs created for the construction and then around 17 to run the retirement home.
It comes as the UK’s population of those aged 65 or more is set to grow by 43pc in the next 20 years. MCarthy & Stone actively encourage residents to buy their homes and the firm reported a lower impact of Covid-19 within its 441 developments nationwide than seen generally among the over 65 population.
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It is searching for land of between 0.5 to five acres, ideally with level access and in a prominent location close to the high street or to local amenities. This strategy is in direct support of the government’s drive to revive town centres following the impact of Covid-19.
Other significant potential benefits for the city include less pressure on local hospitals and care services, as it has been calculated that keeping older people healthier and happier amounts to an average saving of £3,500 per McCarthy and Stone customer. There would also be advantages for prospective homebuyers in Norwich, said the house builder, with more family-sized homes released to the market as older people downsize. These new housing chains typically end with first time buyers joining the property ladder.
The prime minister pledged in June to put housing and infrastructure at the centre of the government’s economic recovery plans, with a commitment to “build, build, build.”
John Tonkiss, chief executive officer, McCarthy & Stone, said: “High-quality and well-located retirement communities bring life back to high streets and help older people remain independent and secure in their own home, with companionship and assistance on hand if needed.
“We have identified Norwich as a key location for McCarthy and Stone...I would urge landowners or those who are in a position to make a new site introduction to come forward at their earliest convenience and have a discussion with our land buying team. Generous commissions are available for the right site.”
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