INVESTMENT FOCUS: Why is Cornwall such a fantastic place to spend your retirement?

Millpond ViewMillpond View

Ever-popular with retirees, what makes Cornwall such a popular place to live out your twilight years?

Cornwall is famed for its stunning coastlines, but there is so much more to the county than that. With that in mind, what makes Cornwall such a fantastic place to live?

Cornwall boasts a slower pace of life and a strong identity. It is a region with a unique culture that is almost entirely separate from the rest of the UK as the people are now officially recognised as a national minority. They have their own national day, St Piran’s Day on the 5th March, their own flag, and they are famed for the great Cornish pasty, fudge, clotted cream and ice cream.  It was also the home of famed writer Daphne Du Maurier, and sculptor Barbara Hepworth. Culture in Cornwall is certainly not lacking as the county also boasts a host of museums, shops and art galleries. It’s also the surf capital of the UK, with many making the pilgrimage to Newquay to ride the waves.

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Well-known for its stunning coastlines, Cornwall boasts wonderful countryside too. Cornwall boasts 12 areas that are designated under the National Parks and Access to the Countryside Act 1949, and the Cornwall Area of Outstanding Natural Beauty covers 370 square miles. The rugged terrain attracts many holidaymakers wishing to explore it from across the UK and overseas, and many fall in love with the area and decide to retire there. This is evident in the fact that out of all the UK’s regions, the south west has the highest percentage of those at state pension age or above (over 22%) – clearly this demonstrates a clear demand for retirement property.

Millpond View is a new luxury retirement home based in the seaside town of Hayle. It is a grand Victorian building that will undergo refurbishment and eventually offer 23 luxury suites for those aged 55 or over. Due to its niche positioning as a luxury retirement home, social activities such as wine tasting, fine dining experiences and visits to the local area and places of interest will be regularly held. Communal areas will retain the grand architectural features of the original building, and will be used for socialising and fine dining. As mentioned, Millpond View is a luxury retirement home, which means that it accommodates self-funding residents. Previous research has shown that retirement homes with a high proportion of self-funded residents outperform all other care facilities in terms of profitability, which is why the developer can guarantee investors a return of 10% for 10 years. Units in Millpond View start from £85,400 and investors can reserve a unit for just £2,000.

Marketing agents, One Touch Property, who speacialise on care home investments believe that Mill Pond View in Cornwall will do very well because it is located in an area with a substantial elderly population. Between 2001 and 2011, the number of 65-69-year olds increased by 31.3%, and as of 2017 more than 44% of the population was aged between 50-90, an ideal demographic for a retirement home.

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