with Apache Capital Partners, Assael Architecture & Guild Living
The significant demographic shift that the UK is seeing towards an ageing population means the demand for retirement living is every-increasing. Blackstock spoke to industry experts to determine how the country can meet this need.
Compared to the more mature Later Living markets of Australia, New Zealand and the US, the UK is significantly behind on offering quality, aspirational retirement living. However, we are facing a significant demographic shift which is driving demand.
“That is the biggest issue confronting the UK at the moment, in that there’s a huge tsunami of people who are going to turn 70 very soon and few options for them to downsize,” says Eugene Marchese, co-founder of developer Guild Living, which has a UK Later Living joint venture with Legal & General.
The key challenge, however, lies in encouraging retirees that downsizing can be a viable option. To address this issue, Rory O’Hagan believes we need to look at the build-to-rent model to inform our designs.
“It’s about a synthesis of design, care, service and doing that at scale and looking at lessons we have learnt in the built-to-rent sector in terms of delivering that holistic care,” he says.
Richard Jackson sees the huge investment opportunity but agrees with O’Hagan that care needs to be properly defined and managed to offer a truly aspirational development.
“Those operators who provide genuine care on site as and when it’s required, and that flexibility, will continue to do extremely well. Those models where people have offered care but not actually provided it in reality will be the operators that will struggle,” notes Jackson.
Apache Capital Partners
Director of Innovation and Design