Sequential Investors has teamed up with not-for-profit housing provider Housing 21 to deliver a 98-bed extra care housing scheme in Thorpe St Andrew, Norfolk.
The £20m investment is the first in a planned pipeline of developments across the country by the two companies, responding to what the due believes is a critical need for the provision of properties for over-55s of modest means.
Current studies in the Thorpe St Andrew area suggest that by 2023 there will be a 433 extra care unit shortfall within a five-mile radius of the site.
The population of Broadland is significantly older than the average in the UK with 38 per cent of the population aged over 65, compared with a national average of 27 per cent.
Across Norfolk, the total population is expected to increase by 50,700 over the next ten years with most of the increase expected in the 65 and over age bands.
By 2041, the population aged 85+ is estimated to double in size. Estimates indicate that the over-75 population of Norfolk is likely to require about 15,000 nursing and residential beds and 7,000 housing with care units.
The companies said that is creating a growing and critical demand for alternative housing models which provide attractive options for those over 55 at the same time as freeing up family housing to support the younger population.
The pipeline development model focuses on identifying suitable sites in areas of high demand where the provision can make a positive difference to local communities through providing homes and facilities which are rooted in, and provide for, the areas in which they are located, it added.
The Housing21 model is centred on combating loneliness and social isolation, addressing a central government objective within a sustainable development approach.
Run by Gary Leigh and Mark Neill, Sequential Investors is a real estate asset manager currently working on a variety of projects in joint ventures in the healthcare, retirement and residential sectors.
