Luxury later life living has never looked so good
The over-65s – healthier and wealthier than ever before – are the focus for a new generation of luxury later-living residences
At Riverstone Kensington in central London, residents have some tricky choices. Will their day include a workout in the onsite gym or a film in the private cinema, settling down in plush velvet seats, drink in hand? Should they pass an hour or two in the creative art room or invite their grandchildren for lunch in Maria G’s, Riverstone’s neighbourhood Italian restaurant and bar?
Perhaps they’ll opt for a quiet corner in the library, browsing through a collection of over 2,000 books, or take a stroll around the gardens, laid out by RHS Chelsea Flower Show winner Andy Sturgeon. Welcome to the new world of later living; exceptional apartments for the over-65s that seamlessly blend luxurious amenities with the high style and attentive service of a five-star hotel.
“The baby boomer generation has never done anything the way previous generations did,” explains Martin Earp, Chief Executive of Riverstone. “They invented the term ‘teenagers’, they did school and university differently and they handled their careers differently. It’s absolutely clear that they will plan later living in a fundamentally different way to their parents, who generally remained in the family home until the last possible moment. At Riverstone we provide an exciting and fresh alternative that fits with how this generation want to live.”
Riverstone Kensington has 190 one, two and three-bedroom apartments for sale, all with balconies. The first residents moved in this summer, with a second residence, 161 apartments at Riverstone Fulham, due to open immanently and a third, in Hampstead, in development. While the design of each residence is unique – city living in Kensington, riverside style in Fulham, and an arts-and-crafts theme in Hampstead – they all offer comfortable homes with the kind of facilities you’d expect to find in a members’ club.
“Yes, the over-65s are the UK’s fastest growing age group but they have very few housing options,” she says. “In Australia, the US and New Zealand, the integrated retirement sector is well developed but it’s just emerging in the UK. There’s no requirement for local authorities to set an allocation for investment in retirement properties, so no real economic or strategic stimulus. However, even in the two years that I’ve been involved in the sector, new capital has come in. We are talking to the government about regulation and the acceleration is plain to see.”
She believes that in 20 years’ time, moving into a Riverstone-style property will be far more familiar in the UK. “Fear of loneliness and the difficulties of managing large houses are among the issues this age group face,” Hughes adds. “Any hesitancy comes from a fear of the unknown, the hassle, and deciding when the right time is. We need to demonstrate there’s a choice that will enhance their lives and ensure they keep their independence. Moving in later life should be viewed as a positive.”
Moreover, their timing is impeccable. The over-65s are the fastest growing demographic in the UK. Within five years, this group is expected to number at least 14 million, an increase of 10 per cent on today, with forecasts showing that by 2037, one in four of us will be over 65. They’re wealthier than ever too, with an estimated £1.5tn of equity in property assets and savings.
Government and local authorities seem unprepared for this monumental shift. Knight Frank figures show that 7,500 new seniors’ housing units were built in 2021, up 12 per cent on 2020 figures yet still well short of the numbers required. Instead, private investment is targeting the sector. In 2020, £1.4bn was invested in the UK’s senior housing market, a figure that rose by a further 47 per cent in the first six months of 2021.
City heavyweights Goldman Sachs threw their hat into the ring four years ago, buying a majority share in Riverstone with the goal of opening 10 residences across prime London postcodes to create a £3bn business. Penny Hughes CBE, Chair of Riverstone, whose blue-ribbon CV includes serving as President at Coca-Cola UK and Ireland, followed by boardroom spells at Morrisons, RBS, Next, Vodafone and Aston Martin, was also Chair of iQ Student Accommodation, the UK’s largest student accommodation provider by portfolio value. She is clear-eyed about the future of later-living residences.
My mother put it well. She said she was ready to downsize, but she absolutely was not prepared to downgrade
Hughes adds. “Any hesitancy comes from a fear of the unknown, the hassle, and deciding when the right time is. We need to demonstrate there’s a choice that will enhance their lives and ensure they keep their independence. Moving in later life should be viewed as a positive.”
Certainly, Riverstone is leading the way here. The Kensington residence was opened by Dame Joanna Lumley, a perfect role model for the 70-something about town. “I’ve never fallen in love with a place as quickly as coming through the doors of Riverstone,” she declared. “I feel sorry for those of you who aren’t yet 65.”
Who are Riverstone Kensington’s first group of incoming residents, then? They must be over 65 and will be active, independent and often local, says Earp. “We expect 75 to 80 per cent of residents to come from within a two to three-mile radius; people who have friends and family nearby and want to remain a part of the community. We’re also getting enquiries from locals whose parents live far away and who want to move them closer to be fully part of family life.”
Riverstone’s aim is to help residents stay active and independent. The emphasis is on preventative measures to maximise health, but there’s also excellent onsite care with a Wellbeing Director who, Earp says, “provides a safety net of experience for residents and for their families. They like the peace of mind that comes with knowing there’s someone looking out for their relatives at all times.” If bespoke care is required, Riverstone has an arrangement with The Good Care Group, the only at-home care provider awarded five stars across the board by the Care Quality Commission.
Residents are supported in their apartment with anything from half an hour’s help once a week, right up to round-the-clock care, with recipients paying for this as required.
Community is key, both within the residences and the wider local area. The restaurants are open to the public, visitors are always encouraged and there will be a focus on the joy of living in the heart of the capital. Riverstone has partnerships with Saatchi Gallery, the Royal Albert Hall and the English National Opera among others, introducing speakers and bespoke events for residents. “We curate a community by connecting people,” says Hughes. “It’s not about enforced fun but about finding out what interests our residents and connecting them. That’s how a true community evolves.”
Prices start from £1,150,000 for a one-bedroom apartment in the Kensington residence, with monthly membership fees, fixed throughout ownership, currently £1,485. A deferred fee, calculated when the apartment is sold, is four per cent of the sale price for each year of ownership, up to a maximum of 28 per cent. This covers the cost of providing, maintaining and improving the building and amenities. Thoughtful design throughout the homes includes high ceilings, full height windows, extra-wide corridors and superb soundproofing. Efficient temperature control and elegant bouquets of fresh flowers show a superior level of care while subtle nods to the age of residents include lower basin heights, non-slip tiles in bathrooms and discreet support buttons.
“My mother put it well,” concludes Earp. “She said she was ready to downsize but she absolutely was not prepared to downgrade.” These next-gen later-living residences, with their gold-edged services, genial staff and enviable ambiance, would certainly fit the bill.