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Two stark figures: there are nearly 12 million people aged 65 and over in the UK, with predictions that in 50 years there will be an additional 8.6 million people in this category. The issue soon facing the UK will be how to house 20 million retirees with wide-ranging care needs, desires for independence and later life expectations.
The answer to this is to invest. Now. Build more specialist care accommodation that is desirable both to investors and to residents, avert the looming care home bed crisis by creating new, future proof homes that are flexible, digital ready and able to adapt to a changing care landscape. The design of care homes is becoming ever more creative and inventive. The use of the “H” or “L” footprint is being challenged and overhauled with development sites no longer being sought out on the edges of towns but more central locations with good access to amenities, transport links and skilled workers. The interplay between care homes and the wider community is becoming increasingly important for the welfare of residents and the success of the home.
While there are the usual challenges to achieving this level of development (planning/development viability/regulatory issues etc.) the care sector is seen by investors as “a sector of the future” and the Covid-19 pandemic has only increased investing appetite by demonstrating stable rents and asset yields throughout and showing how critical the care home sector is in supporting the NHS. The sector has the potential to more than double in value from £100bn to £240bn so there has never been a better time to invest in the so called “Cinderella Sector”.
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Our buildings and communities are being redefined and repurposed. Working with clients from across the real estate sector gives us a viewpoint on the new trends evolving. On our map we look at the important changes affecting the real estate industry today and in future and offer insight on the challenges and opportunities for our sector across a range of assets and key themes. Please click on the links in the map to discover more.