Downsizers going up in the world
Empty nesters are looking to the buzz of the city, finds Kirsty Mcluckie
More than 20 million households in the UK are in the over-55 age bracket, with the numbers seeking to downsize increasing, and the top reasons for taking the plunge include making a fresh start. As children leave home, parents don’t want to hang around an empty nest and increasingly have plans of their own to pursue.
Larger homes can also come with bigger maintenance problems and if owners have no worries about plumbing, roofs and gardens, they free up time and energy for other things.
Efficient, new-build properties are also more economical to run and secure homes offer the opportunity to lock up and leave, if travelling the world in later years is a dream.
A city centre location is also increasingly attractive as empty nesters swap the suburbs for a city buzz, with restaurants, bars, theatres and cinemas on the doorstep and no need to run a car.
And in a reverse of the idea of settling down in a bungalow, many downsizers prefer to go up in the world – penthouses, duplexes, balconies and roof terraces are on the wishlist for many mature buyers.
Certainly demand among downsizers for apartments in a Glasgow development has turned on its head the idea that mid-lifers dream of peace and tranquillity in a bungalow by the sea.
The uptake among this type of buyer for the first phase of Park Quadrant Residences has revealed an appetite for high-end, spacious properties and city life.
Purchasers are swapping large homes in the suburbs for the development in Glasgow’s Park district and it is not the quiet life that is attracting them but a desire for urban living with all the benefits that such a move brings.
Constructed by Ambassador Developments (Park Quadrant Ltd), Park Quadrant Residences is a collection of 98 apartments, duplexes and penthouses that have been designed to complete Victorian architect Charles Wilson’s 19th-century vision for the area.
The ceiling heights and facades throughout echo those of the original concentric rings of terraces built in 1851, while, inside, the properties come with Leicht kitchens, Kohler bathrooms, an on-site residence manager as well as security, accessibility and lifts.
Buyers have come from a range of backgrounds but a significant number are heading back to town now that their children have flown the nest, according to Savills, selling agents for Park Quadrant Residences
Savills director Carole Mackie says it is because today’s downsizers have no intention of slowing down. “They want a home that suits their active lifestyle and Park Quadrant Residences offers the perfect mix of space, luxury and convenience in the ideal location,” she says.
“With this market looking for security, which is less about personal safety and more about the owners’ aspirations to lock and leave and travel the world, the residence manager, comparable to a high-end London or Manhattan apartment, is also a very attractive feature of the development.”
The range of apartments, duplexes and penthouses offers something for everyone and in particular the duplex-style apartments, set over two levels, are appealing to those who do not want to sacrifice the sense of living in a house and empty nesters who may have frequent guests. They also satisfy a desire for outside space, with private gardens and terraces.
Prices at Park Quadrant Residences start from £410,000.