Retirement village in the vanguard
• Newton Mearns development is a taste of things to come
It was announced last month that construction work on Scotland’s first dedicated luxury retirement village, The Hills at Whitecraigs, Newton Mearns, on the outskirts of Glasgow, is to begin in the first quarter of next year.
Such schemes have started appearing in the rest of the UK in the last few years, but have been a part of the residential property market in countries such as the US, South Africa and most particularly Australia for decades.
As well as luxury properties, active living complexes – as the retirement villages are often known – tend to offer a range of upmarket attractions.
They specify that residents must be over a certain age, and the best can have retail outlets and leisure facilities and are often set in gated landscaped grounds in highly desirable residential areas.
The Hills at Whitecraigs is to be a £60 million self-contained development on a 17-acre countryside setting overlooking Glasgow, in one of the highest value price brands in the area.
Developer Scotsbridge Holdings, which has received full planning consent for the project, is now targeting other suitable locations around Scotland for similar developments, supported by overseas investment.
The Hills at Whitecraigs promises a clubhouse, containing a bar, cafe and community facilities, and the wider village will boast tidal pools, spa facilities, a fitness suite, multi-use community spaces, a restaurant and function suites, plus a bowling green.
The plans include 214 one and two-bedroomed flats and 38 cottages, plus an 80-bed care home, with the first units due for completion by autumn 2021
Shazad Bakhsh, a director of Scotsbridge, says: “As people live longer there is growing demand for high-quality accommodation that will meet their changing needs, but also help them to enjoy a full, active and varied lifestyle.
“What we plan to offer our residents is much more than a traditional retirement facility, and we want to change how people in Scotland look at later living.”
Such luxury retirement villages are seen as a growth area because of the country’s ageing population.
According to the National Records of Scotland, in mid-2018 some 19 per cent of people were aged 65 and over, up from 16 per cent in a decade, as life expectancy continues to increase.
Kenneth Irons, head of commercial property at Gillespie Macandrew, says: “Development villages such as these are a key trend in the market. I think we’ll see a lot more of them breaking ground over the next four or five years.
“At the moment, investment is there for high-end offerings, but the residential market at that level is limited, so eventually new schemes are likely to be less luxurious and a lot more affordable.
“Investors are keen because, in an ageing population, there is always going to be a market. So it is seen as a safe way of diversifying a property portfolio.”
“Investors are keen because, in an ageing population, there is always going to be a market”