McCarthy & Stone to build £45m retirement home scheme

McCarthy & Stone is to spend £45m on building more than 100 specialist retirement flats on a brownfield site in Hampshire after receiving planning.

Hart District Council approved the 124-home scheme, to be built in Hook, Hampshire, on land formerly occupied by a road haulage firm.

The project will feature 68 extra care housing apartments built under McCarthy & Stone’s Retirement Living Plus concept, which is aimed at the over-70s.

A further 37 apartments will be aimed at more active retiree homeowners, while 19 flats will be sold through share ownership.

The site is being prepared for construction, which McCarthy & Stone said would begin early next year.

First occupations are expected in the autumn of 2021.

Last month McCarthy & Stone said it expected to ramp up its use of discounts and part-exchange deals in the coming months as potential buyers faced problems selling their own properties.

Announcing its first half results the firm said the use of discounts and incentives, particularly part-exchange, was expected to continue into the second half of its financial year “to counteract more challenging secondary market conditions”.