Later Living
The Later Living sector continues to adapt to the needs of an ageing population, presenting challenges and opportunities for developers and investors. Within the next five years there will be more than 14 million people aged 65 or over in the UK. According to Knight Frank, by 2037 the over 65s will account for one in four of the total population.
With the ever-increasing numbers of older people in the UK and the material undersupply of good quality, tailored housing for our older population, it is unsurprising that we have seen record levels of investment into this sector in recent years.
Forsters’ expertise in the Later Living sector includes advising a specialist institutional care home fund on the forward funding, acquisition and disposal of numerous care home assets, as well as dealing with their asset management matters. Forsters has also advised institutional clients on the funding and development of retirement communities and on the establishment of joint ventures to enable senior living developers to acquire and develop sites.
Forsters’ Later Living team is well versed in the interaction between the many commercial and residential elements of a large development scheme, understanding the structuring, legal and asset management issues involved. We have extensive knowledge of structuring of platforms for the operation of development schemes (including propco/opco models) and our team has a particular specialism in acting for shared ownership providers. We understand that the types of tenure being offered to customers in the Retirement Living sector are diversifying and we are well placed to advise clients on all types of lease structures.
Our Commercial Real Estate team has an outstanding reputation in acting for developers, funders and institutional investors involved in all types of real estate matters. In addition to our main Commercial Real Estate group we provide a complete real estate service to our clients with specialised teams dealing with planning, construction matters (both non-contentious and contentious), real estate finance, real estate ligation, corporate real estate and structuring, joint ventures and tax advice.
Recent Experience
- Octopus Real Estate – advising specialist care home investor, Octopus Real Estate, on the acquisition of many of the care homes in their portfolio. This included acting on the acquisition of a £100m portfolio of care home sites from LNT Care Developments.
- Elysian – acting for Elysian, a developer and operator of luxury retirement villages, establishing several joint ventures for the development of properties across the UK as part of their expansive phase.
- Eden Retirement Living – Forsters’ planning team advised Eden Retirement Living on the planning aspects of four of their development sites.
- British Airways Pension Fund – advising BAPF on the acquisition and funding of a 128-apartment integrated retirement community in a central urban location.
Tax Efficiency and Care Homes: A Guide to Capital Allowances
The centre piece of the Autumn Statement was on full expensing policy. Initially introduced on a temporary basis in the Spring Budget of 2023, the policy was made permanent in the Autumn Statement.
Next steps to supporting later living’s golden age – Amy France writes for EG
Commercial Real Estate Partner and Head of Later Living, Amy France, has written for EG on the growth of the later living sector and how, despite this, there are several issues in need of government and industry attention in order to maintain the momentum.
The year of the great care home revival – Amy France writes for CoStar
Commercial Real Estate Partner and Head of Later Living, Amy France, has written for CoStar on how 2023 is seeing a return to full health for the care home sector, following a period of dramatic drop-off in terms of occupancy rates during the pandemic.
Taking Care: Europe’s (sometimes) controversial later living market – Amy France speaks to Institutional Real Estate, Inc.
Commercial Real Estate Partner and Head of Later Living, Amy France, is quoted in Institutional Real Estate, Inc.’s latest piece on Europe’s later living market, which looks at how private capital is sometimes prevented from entering the sector, and how more uniform regulation could reassure investors.
Government's older person housing taskforce has its work cut out – Natalie Cameron writes for React News
Commercial Real Estate Senior Associate and member of the Later Living team, Natalie Cameron, has written for React News on the Government’s recent progress in establishing an “Older People’s Housing Taskforce” and the appointment of Professor Julienne Meyer as its Chair.
The later living sector needs a boost – Amy France speaks to Property Week
Commercial Real Estate Partner and Head of Later Living, Amy France, has spoken to Property Week about the International Longevity Centre’s research into Later Living and how this can trigger progress by tackling issues that have held back growth and innovation in the sector.
Will ground rent legislation deliver positive change in later living? – Amy France writes for EG
Commercial Real Estate Partner and Head of Later Living, Amy France, has written for EG, considering how the later living sector may now be viewing the Leasehold Reform (Ground Rent) Act 2022, as an opportunity to deliver positive change.
Caring for our aging population
Marking the start of World Alzheimer’s Month, an annual event raising awareness and challenging stigma surrounding Alzheimer’s and dementia, podcast hosts Miri Stickland and Robert Linden Laird Craig are joined by partner Amy France and counsel Mike Armstrong to talk about the advantages of forward planning for later life, the importance of having difficult conversations at the right time and the evolution of later living homes in the UK.
