“Baby Booming Rich”

Last week I wrote about the option many home owning baby boomers have to cash in the equity accumulated in their house over the years and secure themselves a smaller rented home.    Thereby releasing cash to buy themselves a better lifestyle in retirement.

There is an alternative to this for people who have the good fortune to live in places like London where property values have gone through the roof over the last forty years.    People who moved into modest houses when they first started out and now find themselves as new property millionaires.    They are opening up a new market in luxury retirement housing and investors are emerging to fund this growth opportunity.

One of the latest luxury examples, which opens this year, is a retirement community called Battersea Place in Central London.    It comprises spacious 1, 2 and 3 bedroom apartments, with a range of communal facilities including a restaurant, cafe bar, a billiard room (snooker must be too down market),lounge, cinema, hairdresser, swimming pool and spa and a guest apartment.  The support services offer a concierge, housekeeping, domiciliary care, a nursing suite and even a chauffeur driven car.

It is all the things offered in the ExtraCare Charitable Trust villages (except for the chauffeur driven limmo!), but a lot more expensive.

One bedroom studio flats start at £650,000; two bedroom apartments cost £800,000 and penthouse suites with 3 bedrooms cost £2.95m.

It does not stop there.    Service charges are £12,000 a year to live there and extra if you need care.     Furthermore when you move out or die, you or your estate has to pay 20% of the original purchase price in “deferred payments” plus 50% of the equity growth in your property.

This is only an option for people with considerable assets.   It certainly gaurantees a luxury lifestyle and also a paupers funeral . Only for the lucky few.

There are more slightly cheaper options which I will talk about in my next blog.

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2 Responses to “Baby Booming Rich”

  1. Excellent, a choice for all the people, some of the time and to dream, for the mere mortals of this world! I checked out, or was trying too, of its location, and wondered ideally if it were the conversion up dated/ refurbished ‘Old Battersea Power station’ and I would have passed a comment: However I believe this is not the case?
    In my wildest dreams if IT HAD Have Been the OLD BATTERSEY POWER STATION? I had the vision of GOD as the concierge, the apartments as the power station boilers, sending them all to Hell and ‘Satan’ and then the four corner chimneys as the Flues for the CREM! However: as I saw from the web site this is not the case, so I can at least look on and applaud the new residents for looking positive at , and for the benefits of their own future life in this retirement complex, Good Luck and best wishes to them.

  2. My comments above are a little ‘sharp’ and maybe uncalled for, I apologise to the reader. It has however invoked memories, and association of ideas. Near too tis retirement complex in Battersea, is ‘Nine Elms’? What of that one may say? Spring flowers, fresh veg, and fruit, the home of the NEW COVENT GARDEN MARKET, and then the theatre and ‘My Fair Lady’ or maybe you saw this at the ‘flicks’ holding hands in the dark with a loved or cherished one, is that one of the reasons for hose residents wishing to move in Battersea Place?
    Now back to my associations with Battersea, and Nine elms- My child hood and train spotting as as boy, and reading Ian Allan’s southern region train spotters guide, and the main loco sheds, was ‘Nine Elms’ I never go there being a townie of Leeds, and a LNER and LMS train spotter. Here I am taken back to Kirkgate Markets in Leeds and the Bradford Markets with Mum and dad on a Saturday, or at my friends house watching his mum come home with a broad smile after she had visited the Bradford and Keighley Markets, for that bargain!.
    I then worked for a living and many times while in London visited Leaden hall Market, and the Old Covent Garden Market with the kids, visiting the London Transport Museum, after it had moved to Covent Garden, from Clapham. I never did get to the meat market (In London-the name escapes me?, or Billings gate Fish market: However I did for awhile work on Hull fish docks, and part of my duties was to survey the deep sea trawlers as they discharged their catch to the market in ‘Crans’ ( These were the wicker baskets in which the fish were handled trawler to market, and sold in-Here I maybe wrong? A cran was I think a weight of 7 stone of fish?. At sea the trawler men if they had trouble with the engines or navigation would haul up the mast 1 or 2 baskets (Crans) indicating they had engine failure (2 baskets – not under command/ engine broke) or 1 Basket to indicate at anchor, and or if in the HUMBER WAITNG FOR THE TIDE TO GO INTO HULL OR GRIMSBY FISH MARKET.
    I trust the new residents in Battersea Place have many moments of enjoyment to reflect upon, and as a resident Of Extracare, the pleasantries of life: that meeting of minds and people from all different backgrounds and walks of life, to enjoy memories, laughter and sometime help share a sorrow with, but with a full heart of friendship.

    .

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