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The investor push into senior living has taken another move forward.
NatWest Real Estate Finance has provided £40M to Gladman for its Adlington Retirement Living concept.
Adlington Retirement Living, part of the Gladman Group, is working on a pipeline of 18 schemes which will be delivered over the coming years. Five are underway in Cheadle in Cheshire, Ramsbottom in Lancashire, Romiley in Cheshire, Sheffield in South Yorkshire and Lytham St Annes in Lancashire.
Adlington has previously built retirement apartments at selected locations across the UK. These include sites such as Rhos on Sea in Conwy, Heaton Chapel in Stockport, Wolstanton in Staffordshire, Portishead in Somerset and Otley in West Yorkshire. The funding from NatWest will support Adlington’s development work as well as future business opportunities.
The senior living sector is one of the least well-explored areas of multifamily housing in the UK and is tipped for growth. Today the market is small, with just 8,000 senior living units built in 2018 according to Savills. The consultancy said that less than £1B was invested in senior living in 2018.
However, the mood among investors is changing. Legal & General has a multibillion-pound investment programme in the sector.
In May Legal & General announced the expansion of its later living offering with the establishment of Guild Living, a developer and operator of urban later living communities. Through Guild Living, it plans to deliver more than 3,000 new homes over the next five years, equating to a gross development value of around £2B.
Commentators said that for those that do get it right in UK senior living, the multi-generational housing sector represents a huge opportunity.
Each Adlington appartment development has been designed to support homeowners looking to maintain an independent way of life in their later years. The option of tailored care and 24-hour on-site support is available.
Gladman said that many of the features designed for accessible living, such as spacious hallways and wider doors, enhance the general look and feel of the apartments.
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