As the UK faces an increasingly ageing population and a significant proportion of over 55s’ look to down-size to release equity from their homes and increase their financial freedom in their later years, interest in and demand for ‘integrated retirement living communities’ (IRCs) is increasing.
IRCs are already a well-established concept in the US and in Australia, but the concept is in its relative infancy in the UK. It is, however, predicted to boom over the coming years.
An IRC, such as Sherborne House in Gloucestershire, will typically comprise of a rental model providing spacious apartments with bathrooms, living and entertainment facilities and, in some cases, also their own kitchens. Therefore, they comprise, in Planning terms, of a C3 Use Class, usually without a significant ‘package’ of care. The ‘community’ aspect arises from the provision of premium communal dining and catered facilities, lounge and leisure facilities on-site, such as bowls greens, cinema rooms, tennis courts, spas and wellness centres. This would be delivered with the aid of a service charge rolled-up within the rental model.
However, notwithstanding the obvious attraction and appeal to potential residents of such schemes in an attractive rural location in a former stately home in the countryside, with enhanced space and privacy, the delivery of such schemes in the countryside can be extremely challenging – and expensive – requiring vast reserves of initial capital investment, expertise and patience.
The countryside luxury living dream
The enduring demand for properties within stately homes is in part because of the prestige that comes with owning one. It’s a chance to own a piece of history. It’s not a proper country house if you can’t claim that some member of the monarchy slept in your bedroom.
At Taymouth Castle in Perthshire, a visit from a young Queen Victoria in 1842 prompted a major spruce up, including a dairy, rendered in rose quartz, in case she felt the urge to milk a cow. Now the castle — empty since 1982 — is opening its doors once again, ready to entertain on a lavish scale.
