BRITAIN: Retirement Housing Market Takes Big Jumps

From farms to manor houses, some spectacular buildings are now homes for the elderly. reports Graham Norwood LONDON (The Independent), June 14, 2006: The term "retirement property" ought to conjure up a picture of quiet, characterful communities enjoying surroundings that promote privacy, security and peacefulness - and not the glut of densely packed flats along main roads that so often turns out to be the reality. But while the sheer scale of the burgeoning retirement sector means that it will inevitably have its share of mass-produced properties, some developers are being more ingenious at converting old buildings into new homes. Often, these come with substantial grounds, allowing a level of safety and exclusivity popular with older buyers. For example, Audley Court, a retirement developer that has been operating for just two years, buys properties such as Hollins Hall, a late-Georgian house set in 14 acres overlooking the river Nidd on the edge of Harrogate, Yorkshire. The house has been split into apartments and, elsewhere in the grounds, the firm has built mixed groups of just over 70 new cottages, apartments and bungalows. To add to the community feel, owners have a restaurant, fitness suite, swimming pool, care and support staff, and security team. Homes at Hollins Hall range from £245,000 to £255,000, excluding service charges (01784 457615; www.audleycourt.co.uk). Audley Court has adopted a similar approach down in Devon, where The Stables - seven Grade I-listed properties, formerly racing stables - have been converted into retirement apartments, again targeting buyers aged 55 and over. The Stables is the latest phase of the conversion of Flete House, itself a Grade I-listed mansion. It has already been turned into 23 retirement properties, most of which enjoy dramatic views over the Erme estuary and Dartmoor. The Stables properties are in a courtyard nearby, with 12 acres of grounds for residents to enjoy. (Prices from £205,000; 01752 830308). Other retirement-sector builders are adopting a similar approach. Rudmore Court in Portsmouth is a Grade II-listed church converted into 45 one- and two- bedroom retirement apartments by Centre Estates. Many have original features - a section of pillar or an arch, say - while a communal lounge area includes a ceiling mosaic and stained-glass windows. Again, it has substantial grounds (small flats from £52,000 through Retirement Homesearch: 0870 600 5560; www.retirementhomesearch.co.uk). "Many developments include converted properties that were formerly manor houses, farms or buildings of architectural or historic value," says Sheila Frampton of Beechcroft Developments, one of the first retirement specialists in 1984, and currently marketing Spire View at Iwerne Minster in Dorset. This used to be a farm, and has now been transformed into 26 houses and apartments in 3.5 acres. Inevitably, prices for homes converted from older properties tend to be high (Spire View's remaining properties start at £332,000, excluding service charges: 01747 812756; www.beechcroft.co.uk). Partly, this is due to conversion costs, partly to the desirable locations that usually go hand in hand with period buildings in large grounds. For some buyers, there are disadvantages to conversions compared with purpose-built retirement homes. "Controls over changing listed buildings, for example, mean that there has to be compromise. So the noise between apartments may be greater than in new builds," says Ray Ilott of the Royal Institution of Chartered Surveyors. However, there will certainly be a demand for such properties. By 2011, there will be 11.9 million pensioners in the UK, 16.1m by 2040, according to the Office for National Statistics. An older population is here to stay - and so is a thriving retirement-housing market. The term "retirement property" ought to conjure up a picture of quiet, characterful communities enjoying surroundings that promote privacy, security and peacefulness - and not the glut of densely packed flats along main roads that so often turns out to be the reality. But while the sheer scale of the burgeoning retirement sector means that it will inevitably have its share of mass-produced properties, some developers are being more ingenious at converting old buildings into new homes. Often, these come with substantial grounds, allowing a level of safety and exclusivity popular with older buyers. For example, Audley Court, a retirement developer that has been operating for just two years, buys properties such as Hollins Hall, a late-Georgian house set in 14 acres overlooking the river Nidd on the edge of Harrogate, Yorkshire. The house has been split into apartments and, elsewhere in the grounds, the firm has built mixed groups of just over 70 new cottages, apartments and bungalows. To add to the community feel, owners have a restaurant, fitness suite, swimming pool, care and support staff, and security team. Homes at Hollins Hall range from £245,000 to £255,000, excluding service charges (01784 457615; www.audleycourt.co.uk). Audley Court has adopted a similar approach down in Devon, where The Stables - seven Grade I-listed properties, formerly racing stables - have been converted into retirement apartments, again targeting buyers aged 55 and over. The Stables is the latest phase of the conversion of Flete House, itself a Grade I-listed mansion. It has already been turned into 23 retirement properties, most of which enjoy dramatic views over the Erme estuary and Dartmoor. The Stables properties are in a courtyard nearby, with 12 acres of grounds for residents to enjoy. (Prices from £205,000; 01752 830308). Other retirement-sector builders are adopting a similar approach. Rudmore Court in Portsmouth is a Grade II-listed church converted into 45 one- and two- bedroom retirement apartments by Centre Estates. Many have original features - a section of pillar or an arch, say - while a communal lounge area includes a ceiling mosaic and stained-glass windows. Again, it has substantial grounds (small flats from £52,000 through Retirement Homesearch: 0870 600 5560; www.retirementhomesearch.co.uk). "Many developments include converted properties that were formerly manor houses, farms or buildings of architectural or historic value," says Sheila Frampton of Beechcroft Developments, one of the first retirement specialists in 1984, and currently marketing Spire View at Iwerne Minster in Dorset. This used to be a farm, and has now been transformed into 26 houses and apartments in 3.5 acres. Inevitably, prices for homes converted from older properties tend to be high (Spire View's remaining properties start at £332,000, excluding service charges: 01747 812756; www.beechcroft.co.uk). Partly, this is due to conversion costs, partly to the desirable locations that usually go hand in hand with period buildings in large grounds. For some buyers, there are disadvantages to conversions compared with purpose-built retirement homes. "Controls over changing listed buildings, for example, mean that there has to be compromise. So the noise between apartments may be greater than in new builds," says Ray Ilott of the Royal Institution of Chartered Surveyors. However, there will certainly be a demand for such properties. By 2011, there will be 11.9 million pensioners in the UK, 16.1m by 2040, according to the Office for National Statistics. An older population is here to stay - and so is a thriving retirement-housing market. © 2006 Independent News and Media Limited