G&T recently collaborated with our media partner Bisnow to host a lively panel discussion on ‘Optimising Viability In Integrated Retirement Communities: Navigating Key Challenges, Cost Drivers, And Innovations To Build For The Future’.
Moderated by G&T partner James Tutte, the panel comprised Jenny Buterchi, partner, Architecture, Later Living at PRP Architects, Samantha Rowland, consultant, Healthcare and Senior Living, Ben Rosewall, head of investment, Senior Housing at Legal & General and G&T partner David Elsmore.
Members of the panel discussed and shared insights on a number of key issues including:
- Navigating the challenges associated with retirement villages
- Construction cost drivers
- The key factors for creating successful older people’s housing schemes
- The importance of ESG for the sector now and in the future
- Creating villages which leave a legacy for future generations
- Achieving viability without compromising on quality
In his introduction, James stressed that we are at a sliding doors moment, with an aging population in the UK and current building rates not sufficiently meeting demand. While this need must be met, James emphasised that this should not come at the expense of quality. Which begs the question of how to achieve the highest standard of housing possible whilst still providing affordability as well as ensuring schemes are commercially viable.
This was perhaps the central question of the webinar, and the panel members gave thoughtful answers, touching on challenges such as the cost-of-living crisis and the current difficult construction environment. Whilst there was no silver bullet, participants raised helpful contributing factors such as planning phasing to potentially enhance development cashflows, as well as standardisation of elements to reduce cost. Solutions also included designing mixed-used facilities and carefully considering the initial and ongoing costs of central amenities such as restaurants and swimming pools.
The conversation naturally moved towards creating villages which will serve the next generation. This can be achieved by building flexible homes which can be adapted as market requirements change, and which will be affordable for future generations.
Panellists highlighted that ESG will be a bedrock of the sector going forward, as well as recognising the contribution of retirement communities both socially and economically to local communities.
