Specialist business property adviser, Christie & Co, has announced the sale of a development site in Cowbridge, South Wales, which benefits from planning consent for 50 retirement living apartments.
The site was identified by Mercian Developments Limited as suitable for a retirement living development given its underlying affluent demographic and proximity to a wide range of amenities on Cowbridge’s bustling High Street. McCarthy Stone submitted and secured planning consent for a scheme of 50 retirement living apartments (C3) with communal facilities and has subsequently acquired the site from Mercian.
Leah Tattersall Land Manager at McCarthy Stone, comments, “It is great news to complete on this site acquired from Mercian Developments after successfully securing a first-time planning consent. We very much look forward to bringing more high-quality retirement living homes to South Wales. Thanks to Christie & Co and Mercian Developments for their collaboration in making this happen.”
Chris Towers, Managing Director of Mercian Developments, comments, “We are delighted to have worked with McCarthy Stone on this project, who were successful in securing this planning consent, which is a prime example of a great team effort. This strategically located site will bring forward the redevelopment of a former farmstead, which will be regenerated to deliver new retirement apartments for the elderly residents of Cowbridge and beyond that will integrate well within the local community.”
Jordan Rundle, Director – Head of Healthcare Development at Christie & Co, who acted for Mercian Developments in the sale, comments, “According to the ONS, as of 2021 the total population in Wales was circa 3.1 million, with those aged 65 years and over accounting for circa 21%, equating to approximately 650,000 people. Consequently, there is a significant opportunity for developers and operators to provide much-needed future-proof later living accommodation in the country. McCarthy Stone’s high-quality retirement living scheme in the desirable market town of Cowbridge is another example of increased development activity we are now seeing as a trend in Wales.”
The site was sold for an undisclosed price.
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