Bloomberg: High demand for luxury later living

Retirement housing is turning into an up-and-coming area of British real estate, with Goldman Sachs Group Inc. and a growing cohort of investors betting on demand for luxury in later life.

The US bank is among the backers of Riverstone, a property firm that’s building ten blocks of swanky apartments for older residents in London. Goldman Sachs plans to pour £3 billion ($3.5billion) over the next fi ve years into the fi rm, which has so far completed two projects in Kensington and Fulham.

Martin Earp, who became chief executive officer of Riverstone in June, said the Kensington complex “rips up the retirement rule book,” with floor-to-ceiling windows and a balcony or terrace in each of the 190 apartments, which cost wealthy pensioners as much as £3 million.

“We’re seeing a distinct shift in behaviour towards retirement from the baby boomer generation to that of their parents,” Earp said. “We have people who have lived in London most of their lives and want to continue to enjoy the wealth of amenities that are on the doorstep.”

Read the full article on the Bloomberg website here or view the PDF