£100m fund to buy unwanted public land launches

McCarthy and Stone has launched a £100m fund to buy and develop unwanted public land from local authorities and other organisations.

The developer said it is looking to identify 60 or more sites over the next year which are suitable for the development of new retirement communities.

It is currently searching for land between 0.5 to 5 acres on central brownfield locations, ideally with level access to shops, and in a prominent location close to the high street or to local amenities. It will consider every type of land deal, whether unconditional purchase, conditional contract or option agreement.

The 60 new sites required by McCarthy and Stone will complement the company’s existing workflow, having purchased 200 sites over the last four years.

They will offer private apartments and bungalows across a range of tenures with on-site care and support services, helping older people to enjoy an independent and safe lifestyle in their later years.

‘The Prime Minister is spot on in recognising that housebuilding will be central to the UK’s recovery effort, and more and better housing for older people is a critical part of the mix,’ said chief executive, John Tonkiss.

‘We believe our land acquisition fund has the potential to yield long-lasting knock-on effects for the public sector, not least because the regeneration of brownfield sites will free-up capital for local authorities and other public sector organisations looking to invest in growth and create jobs.

‘What’s more, centrally located retirement communities have a role to play in the Government’s drive to revive town centres, and new developments which bring new customers into an area could provide a lifeline for local businesses,’ he added.

‘We now need new land, and lots of it, in order to satisfy this vital initiative.  For more than 40 years, we’ve accumulated a deep understanding of what our customers want – and also what is expected by landowners and other partners with whom we collaborate. Professionalism, efficiency, expertise – these are the qualities we’ve nurtured over many years so that when we agree to buy a site, we can perform a swift turnaround with an optimum return for sellers.

‘With generous commissions available for the right sites, I would urge landowners to submit their introductions directly to us without delay.  They will be treated in the strictest confidence.’