New EICR to cover any changes made by outgoing tenant?10:00 AM, 4th May 2021
About A week ago 75
Bancourt House is a luxury retirement resort based in the Torquay area of Devon – famously known as the English Riviera, aimed at accommodating both short-term and long-term residents.
The building will be transformed to include 42 luxury studios. On site will be amenities typically associated with luxury, such as a heated swimming pool, exclusive gymnasium, fine dining and bar, private cinema and a hair and beauty salon. Over 2018 the existing building will be transformed to provide elegant socialising and relaxation areas.
Luxury care home investment is a relatively new phenomenon, and according to a report by CBRE, “Investors are starting to wake up to this and a ‘build to rent’ elderly PRS market will emerge, becoming an interesting new option for long income buyers.”
Britain’s over-65 population is predicted to grow four times faster than the general population over the next five years, and in England alone, the over 60s have £1,200bn in unmortgaged housing wealth. Savvy investors are recognising the lucrative nature of luxury retirement homes as many wealthy elderly people are looking to downsize, so these units sell out very fast – the last development sold out within a day of launch.
Devon is also an extremely popular county with the elderly. There are 160,400 over 65s in Devon, which makes up 21.3% of the total population – 31.5% above the national average, and by 2025 the number of over 70s in Devon is expected to increase by 28.1%.
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