42 CASE STUDY
the housing needs of older people are met in order to enable them to maintain their independence for longer. This in turn creates health, social and economic benefits for both individuals and society at large.”
COMMUNITY BENEFITS
McCarthy Stone believes that focusing on building suitable retirement housing will also free up existing housing stock for younger people and families. This is a benefit in itself, and also reduces the demand for more traditional new build housing, which the developer holds makes far less efficient use of land than retirement housing, as well
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as having a much higher CO2 per unit.
output
McCarthy Stone says it’s high time for the arrival of the dedicated Government task force – promised in its Levelling Up White Paper – on older people’s housing. However the firm’s CEO ohn Tonkiss lists a variety of challenges preventing growth in the retirement living sector, including planning issues, affordability, stamp duty, and a lack of incentives. The company is working with Homes England to address these issues – Tonkiss explains the goal: “We would like to see 10% of Homes England’s housing delivery to be homes for older people.”
Since initial marketing began on the
Wheatley Place development, Declan Fishwick asserts that MCarthy Stone has seen a “very positive” response from customers, with over 1,000 potential buyers registering interest. He believes this level of interest is in part thanks in part to the mixture of tenures available, with the lack of such a mix having been suggested as another barrier for the older population when considering downsizing. Apartments were released for sale in May 2022, closely followed by the release of rental prices and the Older Persons Shared Ownership element of the scheme. The first apartments are due to be completed in the development later this spring.
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