In February, we highlighted the recent consent we obtained for The Timeless Collection, an integrated retirement community (IRC) operator, to refurbish a Grade I listed Castle with 21 new luxury apartments and 14 new houses, with restaurant, spa and shared amenities.

The facility is aimed at the 65-79 year old age bracket. In the UK, this age bracket is expected to increase by a third over the next 40 years (roughly 10 million more people), while those aged 80 and over — the fastest-growing segment of the population — will more than double, according to the Centre for Better Ageing. The overall trend indicates a growing older population, with the proportion of people aged 50 and over expected to rise to 46% of the population by 2065.

With longer life expectancy comes a greater demand for ‘later living’ accommodation models. Seniors have more than £1.5trn in unmortgaged housing equity locked up in family homes and set to be released in the coming years, says Knight Frank.

As such, with recent changes in the NPPF, opportunities are emerging in this sector for experienced and well-funded developers who are keen to deliver a high-end, premium product that will deliver a ‘legacy’ type estate that will provide a secure source of income for generational-focussed investors.