Elderly vital to revival of towns
Does this article represent an increasingly new approach to the future of our smaller rural towns?
“Ageist and insulting” was the verdict of one resident when Elmbridge Borough Council in Surrey turned down a 220-home retirement village proposal last autumn.
But elsewhere, new partnerships are being formed between local groups and a new breed of more socially conscious developer set on building communities for older people that support positive ageing and reanimate the towns and neighbourhoods they call home. A confluence of factors means these partnerships are very likely, in the next decade, to draw billions of pounds of baby-boomer and pension fund money into towns and cities.
The first driving factor is growing concern about the future of towns. Council leaders are concerned that the damage to retail from online shopping and Covid is irreversible. Plus no one knows by how much town-centre office space will shrink.
Local politicians understand the vital role of town centres as social hubs and meeting places at the centre of how society functions. So, they are urgently looking to attract investment and find a sustainable future for the burgeoning stock of empty commercial space.
At the same time, major investors are looking for ways to have a greater social impact. For some, such as AXA Real Estate-owned Retirement Villages Group, the idea of investing patient capital or pension fund money to build high-quality housing for older people, while contributing to the post-Covid renewal of towns and cities, is exciting.
Last, but not least, is the demand factor. Baby boomers have more wealth than any previous generation of over-65s, a greater desire to stay connected, and a preference to be closer to town centres and play an active role in communities.