New opportunity for rising number of retired homeowners who return to rental
According to a recent study by the Prudential, 25% of retirees rent a property, of which more than two in five are former homeowners who have had to sell their home and rent a property due to financial pressures.
Providing an ideal alternative, Viridian will soon be launching a collection of 45 one and two bedroom apartments in Cheam Village, Surrey, which will be available through shared ownership and outright purchase. Named Parkside, the new development offers purchasers the opportunity to release funds from their existing family properties, whilst remaining homeowners - buyers can purchase from a 60% share of their new home.
The Prudential study found that the decision to sell their property and move into rented accommodation was mainly driven by finances - around 40 per cent were forced to sell their homes to pay off debts, 19 per cent needed to release funds in order to cover the cost of a divorce or separation, and nearly one in ten sold in order to use the money to boost their retirement income.
Felicity Gentle, Development Sales and Marketing Manager of Viridian Housing comments: “The apartments at Parkside offer the ideal opportunity for retirees to release equity from their existing property by not only downsizing, but by purchasing a part share in a property through shared ownership rather than renting. This is great news for people who want to fully enjoy their retirement, whether it be travelling or taking up new hobbies, without having any money worries.”
Perfect for purchasers aged 55 and above, the apartments at Parkside offer a rare opportunity to buy a new apartment in the centre of Cheam Village. Parkside enjoys a great location adjacent to Cheam Park, which is great for walking and cycling, as well as an attractive place to enjoy a coffee in the Nonsuch Palace cafe. The village boasts a great range of shops, cafes and restaurants, as well as a library, several supermarkets and general amenities. For people who enjoy a trip up to town, the railway station is within walking distance and there is a good bus network.
Surrounded by mature oak and sycamore trees that characterise the area and provide a strong link to the park, the development has been designed to reflect the attractive period properties in the surrounding areas and features four distinct apartment buildings.
Every apartment at Parkside has been cleverly designed to make the maximum use of the interior space, and features a high quality, contemporary style specification. Some properties benefit from some private outside space in the shape of balconies or terraces, some of which overlook the park and the surrounding period properties. Some parking will also be available.
Parkside is located within walking distance of Cheam railway station where services to London Victoria take around half an hour. Buses are frequent and provide services to the surrounding towns of Sutton, Epsom, Kingston and Croydon.
Prices are yet to be released; to register your interest in advance, visit parksidecheam.com.
In addition to Parkside, Viridian is working on two other age exclusive developments. These include Halton Court in Kidbrooke Village, SE3 which features a collection of 20 contemporary two bedroom apartments for the over 55’s which benefit from a range of on-site amenities including a 24 hour concierge service, village hall, cafe bar, hair salon, internet area, spa bath, waiter serviced restaurant, gardening room, residents’ library, roof terrace and winter gardens. Prices start from £162,500 based on a 50% of a property with a full market value of £325,000. For further information, visit viridianhousing.org.uk.
At Royal Arsenal, Greenwich, Viridian will be selling 98 one and two bedroom apartments for the over 55’s through private sale and shared ownership. These properties will be launched in 2014.
