Latest news with #retirementhomes
CTV News
a day ago
- Business
- CTV News
Sifton getting out of retirement home business, selling assets to Chartwell in deal worth hundreds of millions
Sifton Properties sells all six of its London retirement homes across southwestern Ontario. CTV's Bryan Bicknell brings the details.
CTV News
a day ago
- Business
- CTV News
London's oldest property owners sells all of its retirement homes
London Watch Sifton Properties sells all six of its London retirement homes across southwestern Ontario. CTV's Bryan Bicknell brings the details.
Telegraph
06-07-2025
- General
- Telegraph
Age UK ‘betraying elderly' by selling retirement home for millions
Age UK has been accused of betraying elderly residents by planning to sell off retirement flats in one of Britain's most expensive seaside towns. Residents living in the converted Georgian house in Salcombe, Devon, fear they will be forced to find new homes when it is sold off. The house, named Woodcot, overlooks Salcombe Harbour and its estuary, and was understood to have been gifted to Age UK to be used in perpetuity as a retirement home for the elderly. The property was left to the Plymouth Guild of Social Services by Elizabeth Jennings, a local philanthropist and owner of the house, in 1976 before being passed on to Help the Aged, which went on to become Age UK. Friends and relatives of those now living in the apartments at Woodcot have described Age UK's decision to sell the house to developers as 'a betrayal' of the charity's purpose to care for the elderly. Age UK's decision to sell the property has now been reported to the Charity Commission by a local activist who is in contact with a number of the home's residents. She told The Telegraph: 'Should charities be disposing of extremely valuable assets to raise income whilst at the same time evicting the people who they are supposed to be helping? Not to mention the impact that the loss of the property will have on the local community. It's a betrayal and it's quite shameful of Age UK. 'Many people, my own mother included, have lived out their final years there in contented peace and quiet. It is a truly fabulous place. It is very much part of the local community. How does selling the property for development benefit the people they are supposed to be helping, or the wider community – many of whom want to live there?' An elderly resident who moved to Woodcot 20 years ago said she was told at that point by Age UK that she would 'never have to move', only to be informed a few weeks ago that the property was to be sold. She told The Telegraph: 'I feel, along with the other residents, that we should be allowed to stay here for the rest of our lives. 'Instead we face the prospect of being evicted so the house can be sold off at huge profit to developers for luxury apartments. It's just not right.' A community hub Woodcot has long been divided into self-contained flats for elderly residents, with its gardens open to the public every month in the summer. The gardens are also used to stage Shakespeare plays, host church fetes and hold community events to raise money for local projects. It was built in 1797 by James Yates, a London merchant, and its three-storey stucco-fronted building with sash windows and a wide gable has stood as a local landmark on the walk from Salcombe to North Sands. Age UK has justified its decision to sell Woodcot, telling residents it has a legal responsibility to ensure they are making the best use of all the funds and resources available to them to deliver their charitable objectives. The charity said none of the residents have yet been evicted or given notice to leave. The building is estimated to be worth several millions of pounds in an area where sea-view properties are at a premium and the average price of a house is more than £970,000. Salcombe has come to be nicknamed Chelsea-on-Sea for its popularity with second-homeowners from London, with new homes also at a premium. Speculation is rife in Salcombe that Woodcot is already in the process of being sold to two private developers, but Age UK maintains that no sale has yet been agreed. A spokesman for the charity said: 'We can confirm that sadly we've made the hard decision to explore selling Woodcot. We're looking into a number of things before a final decision about a sale is made and therefore do not expect anything to happen until 2026 at the earliest. None of the tenants have been evicted and no notice to terminate any tenancies has been given. 'We decided to speak to the tenants and let other key people in Salcombe know at this very early stage because we thought it important to be transparent about our thinking. However, doing this early does mean that unfortunately we don't have a lot more information or answers to questions at this stage. 'We're committed to communicating with and supporting tenants through this difficult time.' The spokesman added: 'We understand that the property is much loved locally and that different views and beliefs have developed over time about the nature of the transfer of Woodcot to us and the role of the property in the community. However, many of these aren't founded. 'The transfer of the property to Help the Aged did not include any restrictions that would stop it being sold or required Help the Aged as a charity to run it as a residential home for older people.'
Telegraph
28-06-2025
- Business
- Telegraph
Labour rejects own MP's calls for council tax exemption on retirement homes
Labour has rejected calls from its own MP to grant council tax exemptions for families struggling to sell inherited retirement homes. Anna Dixon, MP for Shipley, urged the Ministry of Housing, Communities and Local Government – the government department headed by Angela Rayner – to give grieving relatives more time to sell up retirement properties before being hit with the second home council tax premium. It comes after The Telegraph drew attention to the double taxes being charged on 'impossible to sell' inherited retirement homes. These properties are designed for people aged 55 and over, and can only be sold to people in that age bracket, meaning they can take years to sell. They also come with hefty service charges, and typically depreciate in value, making them unattractive to buyers. From April 1, all local authorities in England were given the powers to charge 100pc council tax premiums on second homes in their region. However, if an owner puts their home on the market, they can escape the charge for 12 months. If they are not sold in this time period, the charge is reapplied. In a parliamentary question, Ms Dixon asked Ms Rayner if she will 'extend the time limit on exceptions to council tax premiums to cover the full period for which a property is being actively marketed for sale for (a) long-term empty homes, (b) second homes and (c) leasehold retirement properties'. Jim McMahon, housing minister, said the Government had 'no plans to change the exceptions to the council tax premiums'. 'Inflexibility and obstinacy' Retirement properties boomed in popularity during the 1980s, and remained attractive well into the early 2000s. As of 2019, there were 730,000 retirement housing units in the UK, according to the Elderly Accommodation Counsel. However, in recent years, their appeal has dramatically waned as complaints mounted among those early buyers. This is due to their hefty service charges, which are payable whether or not the property is lived in. According to Hamptons, one in 10 retirement flats takes more than a year to sell. The Telegraph has heard from dozens of families who have inherited the 'impossible to sell' properties, and are now being hit with double council tax, costing some people thousands of pounds. Kevin Hollinrake, shadow housing minister, said: 'Labour should be actively reviewing how the new regime is working in practice. 'Their refusal to even consider extending the exemption for retirement properties shows a shocking disregard for bereaved families. 'These homes are notoriously hard to sell, and this tax burdens grieving families with unexpected and often unaffordable bills at one of the most difficult times in their lives.' Dennis Reed, of senior citizens charity Silver Voices, said: 'This inflexibility and obstinacy by the Government flies in the face of fairness and equity. A hard to sell flat in a retirement complex is clearly not a second home unless a member of the family is living there. 'All the reasons for second home premiums do not apply in such circumstances, and Labour should be showing some empathy to those who have lost a loved one.' A Ministry for Housing, Communities and Local Government spokesman said: 'It is for councils to determine whether to apply a premium on the council tax bills of second homes. 'Councils can opt to add up to 100pc extra on the council tax bills of second homes to help local leaders protect their communities.'
Reuters
26-06-2025
- Business
- Reuters
Brookfield to sell Australian senior housing platform Aveo for $2.5 billion
June 26 (Reuters) - Brookfield Asset Management ( opens new tab will sell its Australian retirement home operator Aveo to The Living Company for A$3.85 billion ($2.5 billion), the Canadian company said on Thursday. Aveo owns a portfolio of more than 10,000 units located across Queensland, Victoria, New South Wales and Tasmania. Since acquiring Aveo in 2019, Brookfield simplified the platform's customer contracts and invested more than A$500 million across the business. "Given the favourable market dynamics that underpin the continued growth of the living sector, we will look to invest further capital in living across Asia Pacific," Lowell Baron, Brookfield Real Estate CEO, said in a statement. ($1 = 1.5330 Australian dollars)
