SOUTHAMPTON is set to soon be getting £5 million investment from the UK's leading developer of retirement communities.

In response to Boris Johnson's appeal for developers to "build, build, build" to help the UK's coronavirus recovery effort, McCarthy and Stone is now actively searching for land in Southampton to build around £5 million worth of housing the city's older resident.

The developer company is predicting a strong increase in the demand for retirement living in Southampton, given that the UK’s 65+ population is set to grow by 43 percent in the next 20 years, and it is seeking appropriate sites for the development of a new multi-tenure retirement community in the city.

A well as increasing the provision of apartments and bungalows for the over 60s, McCarthy and Stone communities typically provide retirees with the option of being able to purchase, rent, or part-buy part-rent their property, with tailored on-site care and support services available with the aim of helping them to enjoy an independent lifestyle in their later years while living in a supportive environment with a community feel.

John Tonkiss, Chief Executive Officer of McCarthy and Stone, said: “The Prime Minister is spot on in recognising that housebuilding will be central to the UK’s recovery effort, and more and better housing for older people is a critical part of the mix.

“High-quality and well-located retirement communities bring life back to high streets and help older people remain independent and secure in their own home, with companionship and assistance on hand if needed. Our communities have a positive impact on the health and wellbeing of customers – something that has never been more important than right now. Coupled with the ageing population, we are predicting a substantial increase in interest.

“We have identified Southampton as a key location for McCarthy and Stone, and we need new land in the city in order to satisfy this growing demand. I would urge landowners or those who are in a position to make a new site introduction to come forward at their earliest convenience and have a discussion with our land buying team. Generous commissions are available for the right site.”

An average scheme from the developers of 40 apartments provides roughly 50 jobs for the duration of construction with the company committed to using local sub-contractors, tradespeople and suppliers, and when complete, each new community also results in the creation of up to 17 full and part time positions on-site.

McCarthy and Stone is searching for land in Southampton of between 0.5 to 5 acres, ideally with level access and in a prominent location close to the high street or to local amenities.