The former hotel will be transformed by the developer into a luxury retirement resort in Sandown catering for over 65s. Upon completion, it will comprise 40 studios and 2 apartments that will be furnished to the highest specification. Rooms will boast premium quality furnishings, fabrics, prints and accessories to create unique living spaces in later life.
Communal spaces will include fine dining areas, lounges and a sun deck available for use by both long and short-term residents. There will also be landscaped gardens for those who fancy a leisurely stroll on a warm summer’s day.
• Priced from £75,950
• Over 65s make up 26.1% of the population on the Isle of Wight
• 125% buy-back option in year ten
• Fixed return of 10% per annum
• Developed and run by experienced care business
• Hands-off property investment
The Isle of Wight has become an attractive retirement destination for the elderly. 50% of the island is designated as an Area of Outstanding Natural Beauty (Island Plan Core Strategy 2012). It is easy to see why it is an attractive venue for those in their twilight years. In fact, the island boasts a sizeable elderly population, with over 65s making up 26.1% of the population. Research from the Office for National Statistics has found that there is a net outflow of people aged between 15-29, who move to mainland Britain in pursuit of higher education and career opportunities. There is also an influx of those aged between 50 – 64 and 65-79. In fact, migration of those between 65-79 has risen sharply over time, and almost twice as many migrated to the island in 2014 compared with 2012.
Why Invest in a Luxury Care Resort?
This investment is uniquely positioned as a luxury care home, attracting self-paying residents who wish to spend their twilight years in beautiful surroundings enjoying excellent company. These niche luxury care homes with a high proportion of self-paying residents have proven to make excellent investments, as these care homes often achieve better profit margins compared to those with a high number of residents reliant on support from local authorities.
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.”
Enquire today to find out more about this market and browse our website to discover more retirement home investments.