New EICR to cover any changes made by outgoing tenant?10:00 AM, 4th May 2021
About A week ago 76
Millpond View is a luxury care home investment based in a popular south west England retirement location with a growing elderly population and a lucrative investment allowing for returns of 10% for ten years.
Millpond View is based in the county of Cornwall, a popular retirement destination for Britain’s elderly population due to its vast expanse of beaches, coastlines and countryside. The county offers a slower pace of life compared to the rest of the UK, and it also enjoys the mildest and sunniest climate.
Due to the popularity of the county with the elderly population, it makes sense that suites in luxury care homes are in demand. Hence the development of Millpond View, a grand Victorian building based in the seaside town of Hayle, which is close to the popular towns of St Ives and Penzance. The building will undergo significant refurbishment this summer, but will still retain its Victorian features, adding to its charm. Once completed, the development will offer 23 luxury suites to accommodate those aged 55 and over.
All suites will be furnished to the highest specification and will be equipped with a nurse calling system, Wi-Fi, a plasma TV and a fridge. Due to its position in the market as a luxury retirement community, Millpond View will offer various social and leisure activities to residents, including fine dining and the opportunity to cultivate seasonal produce.
Millpond View Investment Fundamentals
Why Invest in Luxury Care Homes?
This investment is uniquely positioned as a luxury care home, attracting self-paying residents who wish to spend their twilight years in beautiful surroundings enjoying excellent company. These niche luxury care homes with a high proportion of self-paying residents have proven to make excellent investments, as these care homes often achieve better profit margins compared to those with a high number of residents reliant on support from local authorities. Cornwall and the south west in general have the highest percentage of the population at state pension age and above, meaning that Millpond View is well-placed to cater for the demand.
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.”
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