The UK’s leading developer and manager of retirement communities, McCarthy & Stone, has responded to Boris Johnson’s appeal for developers to “build, build, build” by actively searching for land in Bristol, as it looks set to make an investment of around £5million in older people’s housing in the city.

McCarthy and Stone is predicting a strong increase in the demand for retirement living in Bristol, given that the UK’s 65+ population is set to grow by 43 percent in the next 20 years [1], and it is seeking appropriate sites for the development of a new multi-tenure retirement community in the city.

A well as increasing the provision of apartments and bungalows for the over 60s, McCarthy and Stone communities typically provide retirees with the option of being able to purchase, rent, or part-buy part-rent their property, with tailored on-site care and support services available with the aim of helping them to enjoy an independent lifestyle in their later years. Providing a supportive environment with a community feel, McCarthy and Stone reported a lower impact of Covid-19 within its 441 developments than seen among the general over 65 population.

Representing a boost for the local employment market, an average McCarthy and Stone scheme of 40 apartments provides approximately 50 jobs for the duration of construction, with the company committed to using local sub-contractors, tradespeople and suppliers. When complete, each new community also results in the creation of up to 17 full and part time positions on-site.

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 [2]. There would also be advantages for prospective homebuyers in Bristol, 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.

McCarthy and Stone is searching for land in Bristol of between 0.5 to 5 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, and it could therefore result in a lifeline for retailers and other local businesses.

The Prime Minister pledged on 30 June to put housing and infrastructure at the centre of the Government's economic recovery plans, with a commitment to "build, build, build" and McCarthy and Stone is one of the first developers to respond to the challenge.

John Tonkiss, Chief Executive Officer, explained:

“The Prime Minister is spot on in recognising that housebuilding will be central to the UK’s recovery effort, and more and better housing for older people is a critical part of the mix.

“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. Our communities have a positive impact on the health and wellbeing of customers – something that has never been more important than right now. Coupled with the ageing population, we are predicting a substantial increase in interest.

“We have identified Bristol as a key location for McCarthy and Stone, and we need new land in the city in order to satisfy this growing demand. 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.”

Despite a challenging few months of trading caused by the national lockdown, McCarthy and Stone is in a strong cash position with over £100m to invest in new land opportunities across the UK. The company has also secured £300m from the Government’s Covid Corporate Financing Facility (‘CCFF’) to support its ambitious plans.

To find out more, please go to www.mccarthyandstone.co.uk/about-us/land-planning-and-construction/land-acquisition. New site introductions can be submitted directly via email to landwanted@mccarthyandstone.co.uk.

McCarthy & Stone is known for its industry-leading standards around build quality and customer service. It has achieved the full five-star customer service satisfaction rating from the Home Builders Federation (HBF) for 15 consecutive years, the only developer to achieve this accolade.

[2] WPI (2019), Healthier and Happier https://homesforlaterliving.org/wp-content/uploads/2019/09/Final-Healthier-and-Happier-13.09.19.pdf