Specialist business property adviser, Christie & Co, has announced the sale of a development site in Cowbridge 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 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, said:
“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, said:
“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, said:
“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.
