Retirement homes plan could revive UK's high -streets
Legal & General plans to build 3,000 retirement homes in city centres across the UK in the next five years in a radical move that could help counter the decline of the high street.
The insurance and pensions group’s £2bn project is the first major push to bring purpose-built retirement homes to city centres, at a time when many high-street retailers are struggling to compete with online rivals and have gone out of business or been forced to shut stores.
L&G has set up Guild Living, a development firm that will build thousands of one-, two- and three-bedroom apartments for older people across UK towns and cities, starting in Bath and Epsom in Surrey. A typical retirement scheme will have 200 apartments, mainly for sale, but with 10 to 20% of them earmarked as rentals, providing a steady income stream for L&G funds. Sale prices will range from £250,000 to £1m.
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