luxury living late in life – The Irish Times
Rooftop spas, yoga classes, virtual golf, fitness classes: could this be the future of retirement living?
Yes, while Ireland is already home to care homes, retirement villages and sheltered accommodation, developers are now hoping to bring a bit of luxury to late living.
It’s a trend that has already accelerated in the US (think Grace and Frankie more than the Golden Girls) and in urban areas of the UK.
A report from property group JLL last month found that the new developments are “a far cry from some of the older models of ‘retirement housing'”, with retirees seeking high-end facilities and amenities. They are also happy to rent rather than buy what will likely be their last home, with the report noting a ‘boom’ in this rental market, which is expected to rise by a further £2.65bn (£3.1bn). euros) during the period. next five years.
Now the trend looks set to take hold in Ireland, targeting a market gap that has existed for a long time – where are people looking to downsize going?
Building apartment programs for an older cohort in traditional family areas can keep people in areas they know and reduce concerns about potential noisy neighbors. It may also encourage these people to move out of larger homes that they struggle to maintain.
Last month developer Tetrarch, which also has similar plans for Howth, submitted plans for a scheme of 108 homes for the elderly to be built on land overlooking Blackrock Rugby Club in south Dublin. Nearby, Richard Barrett’s property group Bartra has plans for a 39-unit apartment scheme, complete with two rooftop hot tubs. As the developer noted in its application, the aim is to provide “age-appropriate housing for seniors close to their existing communities.”
Facilities should include a cinema, meeting room/family dining room, library/reading area, gym, kitchen, hydrotherapy room, hairdressing room, massage facilities and private clubhouse with espresso bar.
Oh and a Trackman golf simulator room for those looking to improve their handicaps.
They are not the only ones to seek to target the purses of older generations in the chic districts of the capital. In Killiney, south Dublin, Vico Later Living, a joint venture between Hibernia Senior Living and Turkington Rock, a collaboration between Helen Turkington and Red Rock Developments, seeks to build an “independent yet secure living community that merges residences of luxury with unparalleled well-being and a lifestyle-focused approach”.
In addition to the expected facilities – such as a cinema room, private dining room, etc. – the group’s plans for Auburn House include a focus on wellness, with group physiotherapy sessions, a day spa, pet therapy, a memory care program and fitness classes.
Given the level of amenities offered, as well as the community aspect in established neighborhoods, new developments can be appealing. The rental character may also be suitable for retirees who wish to pass on an inheritance during their lifetime, by reselling the family home and thus avoiding any unpleasant disagreements after their death.
As long as they keep enough money for themselves to pay their rent.
One thing is certain, these developers will aim for the gray euro.
Indeed, rents are already around €2,500 per month for a typical T2 in Blackrock, for example, but will probably be even higher for this targeted product. According to the JLL report, rents in Greater London are around £3,500 for a typical retirement buy-to-let unit. If you choose to buy rather than rent, you can also expect high management fees; at Riverstone Living in Fulham, London, for example, membership costs £1,335 per month (€1,568).