A new luxury care investment has become available in a retirement home in Devon.
This luxury retirement development is situated in the Torbay region of Devon, also known as the English Riviera. The English Riviera is a 22-mile stretch of outstanding Devon coastline that consists of 20 beaches, hotels and rocky coves.
Situated in picturesque Devon, it is well-placed to accommodate the county’s sizeable elderly population, where the number of over 70s is expected to increase by 28.1% by 2025.
Naturally it makes sense that there is a huge requirement for retirement property in the region, and due to the elderly population residing there having high amounts of disposable income, luxury property particularly is in demand.
This luxury retirement home will consist of 25 suites, arranged over three floors with spacious communal areas. Due to its premium nature, there will be an on-site cinema room, gym facilities, day trips to local attractions and fine dining experiences for the residents to enjoy.
Luxury retirement accommodation investment fundamentals
• Invest in a suite from £79,950
• 10% net returns over a ten-year commercial lease
• Income paid monthly
• 125% buy-back in year 10
• Hands-off investment
• Located in Devon – the most popular county with retirees
Luxury care home investment is a relatively new phenomenon, and according to a report by CBRE, “Investors are starting to wake up to this and a ‘build to rent’ elderly PRS market will emerge, becoming an interesting new option for long income buyers.”
Britain’s over-65 population is predicted to grow four times faster than the general population over the next five years, and in England alone, the over 60s have £1,200bn in unmortgaged housing wealth. Savvy investors are recognising the lucrative nature of luxury retirement homes as many wealthy elderly people are looking to downsize, so these units sell out very fast – the last development sold out within a day of launch.