Business

McStone announce start of "significant" land buying drive

Property Reporter
|
22nd July 2020
construction 998

Retirement housebuilder, McCarthy & Stone, has announced a major land buying drive, intending to buy 60 or more sites over the next year in response to the government’s call to “build, build, build”.

According to the firm, these sites will produce retirement communities of private apartments and bungalows across a range of tenures featuring onsite care and support services. They are set to be in or close to high streets, which the company said supported the government’s intention to revitalise town centres.

McStone predicts a “strong increase” in demand for retirement living, with the 65+ population predicted to increase by around 5 million people over the next 20 years, it said. It added that its 441 existing schemes had proven to be safe places to live during the pandemic, “where the impact of the virus has been around half that seen among the 65+ population generally”.

The company has purchased around 200 sites over the past four years, with the 60 new sites complementing these and likely to range between 0.5 to 5 acres, “ideally in a prominent location and with level access”.

John Tonkiss, Chief executive, had this to say: “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 safe in their own home, with companionship and assistance on hand if needed. Our communities improve the sense of wellbeing and lives of our customers and have responded well to the challenges of Covid-19.”

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