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Retirement homes developer in hunt for Bury St Edmunds land as it looks to invest £5m




A retirement homes developer and manager is searching for land in Bury St Edmunds to invest £5 million in new housing for older people.

McCarthy and Stone predicts increasing demand for retirement homes in the town and wants to find appropriate sites to develop.

The firm is looking for plots from half-an-acre up to five acres, ideally with level access and in prominent locations close to shops or amenities.

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John Tonkiss, chief executive officer, said: “We have identified Bury as a key location and we need new land in the town in order to satisfy this growing demand.

“I would urge landowners or those who are in a position to make a new site introduction to come forward. Generous commissions are available for the right site.”

The developer hopes to build retirement living apartments, extra care apartments and/or an urban retirement village with apartments, cottages and bungalows.

In the past, McCarthy and Stone has acquired retail stores, car dealerships, pubs, industrial units, disused care home sites, sports grounds, garden centres and surplus local authority car parks or buildings.

An average McCarthy and Stone scheme of 40 apartments provides approximately 50 jobs during construction.

Once complete, each new community creates up to 17 full and part-time positions.

Residents typically have the option to purchase, rent, or part-buy part-rent, with each complex having on-site care and support services.

The company said it had reported a lower impact of Covid-19 within its 441 developments than seen among the general over 65 population.


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