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European senior care investment market poised for growth despite COVID-19

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The European elderly care property investment market remained buoyant despite the challenges posed by Covid-19 as investors remained confident in the long-term opportunities presented by the elderly care market with €7.2bn of transactions last year, according to research from global property adviser Knight Frank. This comes as the number of Europeans over the age of 65 is projected to grow by 50% within the next 30 years, from 100 million at present to 150 million. This is anticipated to drive demand for elderly care beds, particularly for full-time nursing care delivered in specialised facilities. Investors seized upon this trend, as well as the increasing consolidation of European markets which has taken place over the last decade, to invest a record €8bn in elderly care and senior living in the four quarters to March 2020.

 

Given these demographic and market factors, an increasingly wide array of investors is seeking out the opportunities presented by elderly care. The market, which has historically been state-controlled across the continent and has suffered from decades of underfunding by successive governments Europe-wide, has, in recent years, become increasingly dominated by private sector ownership, led by mature markets including the UK and Germany. This has addressed funding and investment shortages across Europe and transformed many domestic healthcare markets into pioneering systems, as is the case with the Netherlands’ specialist memory care services.

 

Alongside increasing private ownership, the investor profile in pan-European healthcare markets has become more international in recent years. While domestic buyers still lead the line in countries whose competitive environments favour local players, such as the UK, France and Belgium, overseas buyers have accounted for 43% of European transactions since 2016, spearheaded by specialist listed investors such as the French and Belgian REITs.

 

The combination of COVID-19, increasing globalisation and major demographic shifts has highlighted the profound disparity in healthcare investment between European markets. Germany and the UK, the continent’s largest and most accessible healthcare markets, remain fragmented with the top 5 operators holding only a 12-13% market share in these countries. Meanwhile, universal elderly care is a less developed concept in some Southern European countries such as Spain or Italy. However, with the over-80 population in Spain set to double by 2050 and Italy set to have the world’s second-highest proportion of over-80s (12.8%) by the same point, international operators and real estate investors are beginning to cut into these markets.

 

Julian Evans, Head of Healthcare at Knight Frank, said: Demand for elderly care across Europe has remained high throughout the past few years, driven by demographic shifts and changes to domestic and international markets. Undeterred by the pandemic, investors have helped to address critical funding shortages across the continent and have transformed the landscape for European elderly care. An ageing population, the increased globalisation of elderly care and the spotlight shone on the importance of elderly care by the pandemic have all contributed to an increased appetite for healthcare assets, a trend set to continue going forward. The years ahead will undoubtedly bring challenges as investors tackle the post-COVID landscape, but confidence in the sector remains high and we expect to see a continued reweighting of investors’ portfolios toward alternative real assets. The sector’s potential for strong returns is attracting a broad church of investors, and favourable trends taking hold across Europe are likely to increase this interest.”

 

The trend toward greater internationalism in healthcare provision, which has been brought into especially stark focus by the COVID-19 pandemic, has led to renewed attention to European healthcare. Demand is high and only set to grow in the coming years. An ageing pan-European population and a pandemic-induced step change in the value placed on global healthcare provision are to create a fertile market for both domestic and international real estate investors. Knight Frank expects that after showing resilience in the face of the pandemic and notching near-record investment volumes in 2020, private sector investors in European elderly care are likely to maintain their momentum going forward, expanding in domestic and international markets to satisfy the need for high-quality and future-proof healthcare assets.

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Robbie Williams lists sprawling 72-acre country estate for £6.75 million

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Robbie WIlliams has listed his sprawling 72-acre country estate for £6.75 million.

The Take That crooner, 47, used the home as a rural retreat for his wife Ayda Field and their children, having purchased it in 2009 for £8.1 million.

The property is located close to the quaint village of Compton Bassett in Wiltshire about 85 miles from London

Take that! Robbie WIlliams has listed his sprawling 72-acre country estate for £6.75 million

Take that! Robbie WIlliams has listed his sprawling 72-acre country estate for £6.75 million

Ready to move on: The Take That crooner, 47, used the home as a rural retreat for his wife Ayda Field and their children, having purchased it in 2009 for £8.1 million

Big family: Robbie and Ayda, 42, share Theodora, eight, Charlton, six, two-year-old Colette and youngest son Beau, one

Ready to move on: The Take That crooner, 47, used the home as a rural retreat for his wife Ayda Field and their children, having purchased it in 2009 for £8.1 million. Robbie and Ayda, 42, share Theodora, eight, Charlton, six, two-year-old Colette and youngest son Beau, one

Robbie said, via the listing agent Knight Frank: ‘Compton Bassett House has been the perfect escape for our family. The gardens and trees have enchanted us with their magic, and on rainy days – of which there are many in England – we have played and splashed around the indoor pool, much to our delight.’ 

Robbie and Ayda, 42, share Theodora, eight, Charlton, six, two-year-old Colette and youngest son Beau, one.

The property boasts its own parkland and woods, as well as a football pitch, on which soccer-mad Robbie will have no doubt enjoyed honing his ball skills.

Also outside in the grounds is a helicopter hangar, a walled garden with a pavilion, a tennis court, and paddocks for horses. 

Robbie said, via the listing agent: 'On rainy days - of which there are many in England - we have played and splashed around the indoor pool, much to our delight'

Robbie said, via the listing agent: ‘On rainy days – of which there are many in England – we have played and splashed around the indoor pool, much to our delight’

Sprawling: The floorplan shows the layout of the impressive three-storey mansion

Sprawling: The floorplan shows the layout of the impressive three-storey mansion

Serene: The property boasts a walled garden with a pavilion, a tennis court, and paddocks for horses

Serene: The property boasts a walled garden with a pavilion, a tennis court, and paddocks for horses

Chopper-ready: Also outside in the grounds is a helicopter hangar

Chopper-ready: Also outside in the grounds is a helicopter hangar

The mansion itself is spread across 19,913 square feet, boasting seven bedrooms, and eight bathrooms.

There are five reception rooms and an indoor pool, a gym, a steam room, and a billiards room.

The gourmet chef’s kitchen is an impressive feature of the home with a stunning blue wooden island and a sprawling dining space for large gatherings.

Robbie and American actress Ayda’s quirky tastes are evident throughout – with giant dog sculptures lined around the hardwood floored cooking space. 

Music mogul: Robbie shot to fame as one fifth of 90s boyband Take That [pictured in the early 1990s with Jason Orange, Howard Donald, Gary Barlow and Mark Owen]

At it alone: Robbie has become the only one of the band to carve out a particularly successful solo career, since going on to collaborate with stars such as Nicole Kidman [pictured  in 2001]

Music mogul: Having shot to fame as one fifth of 90s boyband Take That [pictured L in the early 1990s with Jason Orange, Howard Donald, Gary Barlow and Mark Owen] Robbie has become the only one of the band to carve out a particularly successful solo career, since going on to collaborate with stars such as Nicole Kidman [pictured R in 2001] 

Rural retreat: 'Compton Bassett House has been the perfect escape for our family. The gardens and trees have enchanted us with their magic,' Robbie said of the estate

Rural retreat: ‘Compton Bassett House has been the perfect escape for our family. The gardens and trees have enchanted us with their magic,’ Robbie said of the estate

Sweeping: The property is located close to the quaint village of Compton Bassett in Wiltshire

Sweeping: The property is located close to the quaint village of Compton Bassett in Wiltshire

Quirky: The gourmet chef's kitchen is an impressive feature of the home with a stunning blue wooden island and a sprawling dining space for large gatherings

Quirky: The gourmet chef’s kitchen is an impressive feature of the home with a stunning blue wooden island and a sprawling dining space for large gatherings

Extra space: There is also a detached cottage which joins two staff flats to provide extra accommodation for staff or guests

Extra space: There is also a detached cottage which joins two staff flats to provide extra accommodation for staff or guests

The property features modern classical architecture and several stone fireplaces.

There is also a detached cottage which joins two staff flats to provide extra accommodation for staff or guests.

The home features a long stony driveway, rolling up to the impressive 1929 home – previously owned by the famous architect Sir Norman Foster.

Other features include stone mullioned windows, a study and a hidden staircase to the floor above. 

Part-timer: Robbie still dips in and out of performing with Take That [pictured in 2018]

Part-timer: Robbie still dips in and out of performing with Take That [pictured in 2018]

Master suite: The mansion itself is spread across 19,913 square feet, boasting seven bedrooms

Master suite: The mansion itself is spread across 19,913 square feet, boasting seven bedrooms

Modern meets regal: The property features modern classical architecture and several stone fireplaces

Modern meets regal: The property features modern classical architecture and several stone fireplaces

Niche: The décor and accents are a clear nod to their eccentric owners

Niche: The décor and accents are a clear nod to their eccentric owners

‘Although our clients are sad to be leaving, they’re certain that the next owners will love it as much as they have,’ the listing agent said. ‘The house has the benefit of being on the edge of the village but also has beautiful gardens, and grounds surrounding it providing complete privacy and protection.’

Having shot to fame as one fifth of 90s boyband Take That, Robbie has become the only one of the band to carve out a particularly successful solo career.

Despite his wild child younger years, he has recently established himself firmly as a family man, marrying Los Angeles native Ayda in 2010. 

Style secrets: Robbie and American actress Ayda's quirky tastes are evident throughout - with giant dog sculptures lined around the hardwood floored home [pictured in 2018]

Style secrets: Robbie and American actress Ayda’s quirky tastes are evident throughout – with giant dog sculptures lined around the hardwood floored home [pictured in 2018]

Decadent: The home features a whopping eight bathrooms, some with freestanding tubs

Decadent: The home features a whopping eight bathrooms, some with freestanding tubs

Quirky: Robbie and American actress Ayda's quirky tastes are evident throughout - with one poster featuring a play on words from his Let Me Entertain You song - 'Let Me Excavate You'

Quirky: Robbie and American actress Ayda’s quirky tastes are evident throughout – with one poster featuring a play on words from his Let Me Entertain You song – ‘Let Me Excavate You’

60s meets modern: There are five reception rooms and an indoor pool, a gym, a steam room, and a billiards room

60s meets modern: There are five reception rooms and an indoor pool, a gym, a steam room, and a billiards room

Tranquil: The property boasts its own parkland and woods, as well as a football pitch, on which soccer-mad Robbie will have no doubt enjoyed honing his ball skills

Tranquil: The property boasts its own parkland and woods, as well as a football pitch, on which soccer-mad Robbie will have no doubt enjoyed honing his ball skills

Robbie quit Take That in 1995 but returned to the band between 2006-2011, on and off.

He still occasionally performs with them; the group continue on as a three-piece, with Gary Barlow, Howard Donald and Mark Owen. Fifth member Jason Orange quit in 2014.

Robbie’s solo career has seen him collaborate with the likes of Nicole Kidman and Kylie Minogue on tracks, and he has released 12 studio albums to date.

He is said to be worth £195 million, as reported by The Sunday Times in May 2021. 

Out in the sticks: The location is 85 miles away from London

Out in the sticks: The location is 85 miles away from London

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Property investors offended by ‘vulture funds’ label, conference hears

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People in Ireland need to stop calling property investment firms “vulture funds” and development and building rules need to stop changing if the housing crisis is to be solved, property and banking sector representatives have said.

Marie Hunt, executive director of research at real estate firm CBRE, told an Irish Council for Social Housing conference that the “fundamental problem” in the Irish housing market “is a lack of supply”.

She said bureaucracy and regularly changing public policy were also issues, noting the political discussion this week about potentially changing the link between rent and inflation because prices were rising.

Ms Hunt said investors were not going to come into a market where the rules kept changing halfway through the game.

She said that calling investors “vulture funds” was unhelpful and that name calling “in the media” should stop.

“We need that capital and we need that investment.”

She said investors who bought a nursing home or an office block were welcomed but that those who bought housing received very negative publicity “and they don’t need that”.

Take interest elsewhere

Pat O’Sullivan, head of real estate research at AIB, said policy changes were problematic and that the term “vulture fund” was offensive to investors, who could take their interest elsewhere.

He said Ireland isn’t the only economy that requires funding and “we have got to be very careful about the amount of changes we make to policy, how we describe the investment”.

Ms Hunt said that from a developer’s perspective, many housing schemes were not viable due to high construction and “input” costs and “because we have raised the bar so high in terms of the planning regime and design requirements”.

She instanced the judicial review process, which has been used to bring challenges to fast-track strategic planning developments, as another problem. Ms Hunt said “anecdotally” developers were hiring senior counsel and barristers ahead of planners and architects, such was the level of challenges.

The conference continues on Thursday.

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Should the developer pay for my drive’s missing dropped kerb?

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PROPERTY CLINIC: I bought a house with a drive that the developer never got a dropped kerb for, who is responsible for paying for one?

  • You have approached your local council about it paying for your kerb to be fixed 
  • The developer was issued with guidance by the local council to drop the kerb
  • No work has been carried out and the kerb needs to be dropped 










I bought a property that has a driveway without a dropped kerb. It is uncomfortable every time I drive over it. When I approached my local council about getting it fixed, it said the developer was under no obligation to drop the kerb. 

The council said I would have to apply for a licence to get it dropped. That licence costs £222.35. 

I will also have to pay for the work to be carried out. Is there anything I can do about this and why are developers allowed to build homes without dropped kerbs? MT

Parking space is at a premium and many want a drive, but you'll need a dropped kerb too

Parking space is at a premium and many want a drive, but you’ll need a dropped kerb too

MailOnline Property expert Myra Butterworth replies: Parking spaces are becoming highly desirable in many areas, as on-street parking restrictions proliferate.

Your developer was issued with guidance by the local council to drop the kerb. However, the local council in this case has confirmed that there is nothing in planning consent or elsewhere that required the developer to drop the kerb. 

Unfortunately, you have no claim against the original developer or the person from whom you bought the property. And so you will now need to apply to your local council for the kerb to be dropped.

Research by Direct Line found that during the past three years there has been a rise in the number of requests for dropped kerbs received by local councils amid an increasing demand for parking spaces.

Between April 2018 and March 2019, councils received an estimated 14,500 planning requests for dropped kerbs, rising to 14,700 between April 2020 and March 2021.

Stephen Gold, a retired judge and author, explained: Your local council is correct. In fact, it is sometimes necessary to also obtain planning permission for the construction of a dropped kerb: For example, if the kerb would be on a classified road or in a conservation area.

The fact that the all-clear has been given in the past to neighbouring properties for a dropped kerb is no guarantee that you will be as lucky because of changes in engineering standards and improvements in design. You may also be refused where, say, your property is on a bend or at a road junction or close to traffic lights.

The property was sold as it was, with no dropped kerb

The property was sold as it was, with no dropped kerb

You have no claim against the original developer or the person from whom you bought the property. 

The property was sold to you as it was: One driveway and no dropped kerb which would have been obvious, so you got what you bargained for. 

You would or should have contemplated that a drive from the property over the pavement might be an uncomfortable exercise. Had your seller agreed to bear the cost of construction of the kerb and associated expenses, the position would have been different.

But assuming that you bought with the help of a mortgage, the property would have been inspected by a valuer or surveyed on behalf of the mortgage lender and you may have organised your own private survey. 

If the process and expense of getting the all-clear for a dropped kerb was not raised in the inspection or survey report then you would have an arguable – although not a strong – claim against the report’s author or their employer. 

After all, section 184 of the Highways Act 1980 makes it an offence to drive over the pavement to get out of your property when the local authority has prohibited you from doing so in view of the absence of a dropped kerb and so this would have been an important matter.

You would have up to six years from the report to start what could be a county court ‘small claim’. You would be well advised to send details of the claim to whoever reported with a threat of proceedings if they do not pay up. If the claim is rejected by them, assess whether to take the matter further when you have the benefit of knowing why they assert they are not liable to you. 

Even making a small claims carries risks. You won’t get back the court fees if you lose and may have to pay the winner’s expenses for travel and loss of earnings in being at court.

  • Stephen Gold is the author of ‘The Return of Breaking Law’, published by Bath Publishing

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