Cornwall's population currently stands at 556,000, making it the 40th largest county in the UK. Although the population continues to grow with each census, (2011 saw 355,300 residents) the number of residents over the age of 40 continues to increase year on year, making it a sought after location for those who dream of retiring by the sea, which has driven up the demand for quality care home developments.
There is plenty to admire about Cornwall, from stunning beaches and fishing harbours to its Celtic routes and diverse art scene. When the weather is at its best, you could be forgiven for thinking you were far away from the UK, with many people choosing Cornwall for their annual ‘staycation’ in the UK instead of travelling abroad. This creates a number of interesting investment opportunities not only in the care home sector, but also in the holiday home investment market, opening many doors for experienced and first time investors.
Cornwall has a handful of major towns; one of the busiest towns is St Austell with a population of 19,598 residents. This side of Cornwall see’s the highest population of those at retirement age and so it’s a good place to start if you’re looking for care home investment opportunities.
Another beautiful town is Hayle, located in West Cornwall. Hayle has been sculptured for people who enjoy hiking, with plenty of countryside, footpath and trails as well as 3 miles of sandy beaches; Hayle is the perfect spot for walkers and those interested in water sports and if you're looking for somewhere to invest in a holiday home, Hayle would be a good place to start.
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Although Cornwall is a popular holiday and tourist destination for all ages, it’s clear that the demographic of older, permanent residents is on the rise, increasing the demand for care homes and therefore opening up opportunities to investors who are looking for their next project.
People are living much longer due to advances in medicines and medical technology, however this brings other obstacles, such as the demand for beds, which is becoming more and more apparent and in-turn has accelerated the investment in care home accommodation.
The demand for beds however is not the only reason care home investments have become mainstream, those looking to retire want only the best, which means not just the perfect location but they seek luxurious care accommodation where they can spend their retirement in absolute comfort with everything they need around them.
This type of luxury comes in the form of elegant fully furnished en-suite bedrooms and quality furnishings, as well as communal areas that offer fine dining, places to relax and areas to socialise.
For couples and individuals who are looking to downsize and enjoy a slower pace of life, Cornwall can offer a generous amount of beautiful locations, attractions, decent transport links to and from the local areas and a demand for retirement properties.
Transport is having a huge upgrade in Cornwall; by December 2018 plans to make public transport more accessible by integrating bus and trains services for a much smoother operation are on the horizon, as well as smarter ticketing services that will allow passengers to transfer between types of transport and services with ease.
Huge plans for 2030 are being put in place which seeks to enable a global presence for Cornwall and become a hotspot for businesses, through the expansion of investments in workspace, apprentice opportunities, the promotion of Cornwall’s world-class cultural environment and a keen interesting in connecting education providers and businesses to areas of deprivation.
Another focus is on increasing wages from 77% to roughly 90% of the average wage is to become a huge focus which coincides with attracting younger people and business to the area.