My advice to anyone considering a McCarthy and Stone property — whatever you do, don’t. On the negative side, McCarthy and Stone could do much better when maintenance is required. Hurrah! With over 51,000 apartments built nationwide, it provides an impressive 70% of the UK’s total number of owner-occupied retirement and assisted living properties. On 11 April, the Group reported a good response to the opening of its new sales outlets during Q1 of the calendar year. It exclusively builds retirement developments, and it offers three unique age-exclusive accommodation options: Retirement Living, Retirement Living PLUS and Lifestyle Living. August 2006 same flat sold for £159,450 As specialists solely in McCarthy & Stone managed retirement apartments, you can be confident that everything you need is taken care of. By living up to these values, and bringing them into our day-to-day work, we achieve our ultimate aim of enriching the lives of our customers, their families, and our employees. Campaign against Retirement Leasehold Exploitation looked at the resale prices paid at a random selection of sites by providers McCarthy and Stone, Churchill Retirement Living, Audley, Retirement Villages, Retirement Security and Pegasus. These values are used as a guide to conduct our business, from key decisions to day-to-day activities. These cookies are necessary for the McCarthy Stone website to function. About McCarthy & Stone Established in 1977, McCarthy and Stone is one of the leading providers of retirement accommodation in the UK, with numerous awards to their name. October 2007 sold for £221,604 After McCarthy & Stone were featured on Channel 4 Dispatches programme about their selling tactics, the producer of this programme contacted me for further comment. From the many ‘values’ suggested, a strong pattern formed, and from this firm foundation we created our Company Values. It will have a marked effect on McCarthy and Stone, according to an article in […] From House Managers to Construction Directors – they sent in the principles they personally hold dear. Secretariat of the All Party Parliamentary Group on leasehold reform, September 10, 2016 //  by Sebastian O'Kelly. Profit 11%, Late 2011 flat sold for £144,450 These cookies record your activity on the McCarthy Stone website and our partners may use that information to show you adverts that they think you will be most interested in when you visit other websites. From House Managers to Construction Directors – they sent in the principles they personally hold dear. By clicking "Accept all" you agree to our use of cookies or, you can click on the list items to find out more and manage your preferences. Annual maintenance doesn't seem too bad, maybe because it's an older property. Stopping forfeiture. 100 Holdenhurst Road,Bournemouth, Dorset BH8 8AQ. We couldn’t be placing you in safer hands. ie when they have dementia. June 2012 flat sold for £249,950, Previously sold for £222,733 in November 2008 April 2012 Similar flat sold for £140,000 It was formed by John McCarthy and Bill Stone, who became partners in 1975, and focussed on building retirement properties … That’s cheaper than several comparable rivals. April 2012 similar flat sold £180,000 Urging reform. The Landlord is Estates & Management, with Managing Agents Peverel/Firstport Retirement. Plus they take an eternity to sell. Timothy Hackworth Court, Stockton-On-Tees, Flat currently on the market for £145,000 Another reader, Sue Anson, tells how her mum bought a one-bed in Studley, Warks, for £144,000 in 2006. It seems to take ages to get things done in a reasonable time. Increases are then … Loss 27%, Northgate Court, Biggleswade, Bedfordshire, Recent McCarthy flat currently marketed for resale at £164,950 Or are ill/fall. Here’s what you can try to find more properties: 8. (Prior to the Corona virus which has put the activities on hold for the moment) She also appreciates the safety, security and privacy which her apartment gives her. The listed builder of … She is so much happier than she was in her previous property. June 2012 a flat in the complex fetched £220,000 The sale is likely to value McCarthy & Stone at about £1bn, though the company declined to discuss the valuation. McCarthy Stone properties are designed for active independent living. Find out more about strictly necessary cookies here. August 2005 sold previously for £148,950 Loss12%, February 2009 sold for £158,716 The one very positive thing is the help and comradeship that is provided by our House Manager Sadia Chant. Flat currently on market for £154,950 They are not suitable for people with significant care needs like advanced dementia. March 2008 previously sold for £229,678 The Freeholder is now Fairhold 7, purchasing 56 flats within a short period after completion. Now part of the Places for People Group, Girlings continues with the same ethics as it was founded but benefits from the support of the wider Places for People Group. The procedure was very much helped by the “package” offered by McCarthy & Stone under which Isobel bought only 75% of the equity of the apartment, thus releasing the excess capital value of the house she was selling, and also had the guaranteed sale of her home with no … The article, headed “Exit fees and poor resale values: the uncomfortable truth about retirement homes”, quotes LKP patron Sir Peter Bottomley, who earlier this week established the All Party Parliamentary Group on leasehold and commonhold, saying: “People who buy retirement properties should expect that they will hold their value; too often this is not the case.”. C urrently on the resale market is a two-bedroom McCarthy and Stone apartment in Burlington Court in Bridlington on the Yorkshire coast for £59,950. The precipitous fall since March has pushed them significantly below net current asset value per share. London N1 9AG, Copyright © 2020 Leasehold Knowledge Partnership | All rights reservedLeasehold Knowledge Partnership Limited (company September 2010 for £149,000 Wider local housing market prices fell 0.44% in the period, 2012 McCarthy flat currently marketed at £130,000 Profit 26%. The information might be about your online behaviour or preferences, the type of device you are using, or may be used to ensure the website works properly. The delicate issue of the re-sale value of a new retirement flat won’t be established until there is a sale. Furthermore, the main current assets (valued at £709m) are properties held by the company either ready for sale apartments to elderly folk, rentable assets or land with planning. Purchased for £130k – 2005. I'm not comfortable with the purchase, but I've already vetoed one, on the grounds that it was only 75% ownership. Furthermore, the main current assets (valued at £709m) are properties held by the company either ready for sale apartments to elderly folk, rentable assets or land with planning. Find: stone properties for rent at the best prices It seems the flats original purchase costs, includes these addition items, which are not part of the re-sale. In another complex in Surrey, with day-manager only, service charges for a two-bedroom flat are slightly higher - … Good properties in great locations for the elderly and the lease looks fine. I'm not comfortable with the purchase, but I've already vetoed one, on the grounds that it was only 75% ownership. The one very positive thing is the help and comradeship that is provided by our House Manager Sadia Chant. Sold for £62k – 2010, Flat 47 One Bed Annual maintenance doesn't seem too bad, maybe because it's an older property. Not McCarthy & Stone though. Los 22%, Recent McCarthy flat currently resale at £119,950 Sold £125k – 2011. When we use the information from these cookies it is grouped together and therefore anonymous. “It’s just the demands, expectations and demographics are now so much bigger and higher that it makes complete sense for developers to cater for them.” It was formed by John McCarthy and Bill Stone, who became partners in 1975, and focussed on building retirement properties from 1977. Our use of these cookies might also mean that you see McCarthy Stone adverts when you visit Facebook. We consulted with our 1,000 colleagues to discover what they believe the values of the company are. September 2010 sold £195,000 June 2009 sold for £174,950 The Times today (September 10 2016) reports the research into re-sale values recorded on the Land Registry for retirement properties. Type of Company. Loss 22%, Flat currently on market for £119,950 October 2007 for £172,351 Recently in early spring 3 One Bed Flats were on sale in the same development for offers circa £75k? This showed how values had changed over a specific period. Likely loss of 16 per cent or more My last newsletter explained that McCarthy and Stone was valued by Mr Market at less than net current asset value (I bought at 72p last week).The main reason for the plunging share price is fear among investors that MCS will, for months or years, not be able to sell its apartments. 5th Floor The boys have built up a successful business of their own, which, with nearly 90 staff and 89 retirement units sold in the 12 months to November, is the clear second in its market. They make grim reading. The precipitous fall since March has pushed them significantly below net current asset value per share. McCarthy & Stone Properties Ltd. McCarthy & Stone Properties Ltd. McCarthy & Stone Properties Ltd. Overview. September 2010 sold for £177,950 McCarthy & Stone’s ground rents are fair and stable and set at the outset of the development. loss of £25,000 (14% minimum), July 2012 another Flat sold for £179,950 About McCarthy Established in 1864, McCarthy Building Companies, Inc. has a long history of building facilities that drive greater value. Approaching an estate agent that specialises in retirement properties is invaluable at this stage, as you will be more likely to get an accurate valuation that will help the property sell more quickly. I agree with one of the replies that it is probably an increase linked to the RPI or, as I suspect in your Mum's case, a percentage of the current market value of the flat. The information used by McCarthy Stone can give you a more personalised experience on our site. There is a very well known builder of retirement properties, McCarthy and Stone. May 2009 sold for £179,950 They help us see which pages are the most and least popular, and how visitors move around our website. McCarthy & Stone has agreed to be bought by US private equity group Lone Star in a deal that values the retirement housebuilder at £630m. I told him I see a bigger story than the initial sales of the units which is the resale values of these properties. McCarthy and Stone has profited the most from the retirement leasehold racket and yet has curiously not been the focal point of most of the opprobrium. 1. C urrently on the resale market is a two-bedroom McCarthy and Stone apartment in Burlington Court in Bridlington on the Yorkshire coast for £59,950. History. Private. From these figures it can be seen that McCarthy & Stone flats have in general lost large amounts from the original sale. McCarthy & Stone, the retirement home developer, yesterday said it had spurned a takeover bid from John McCarthy, its chairman and co-founder. McCarthy & Stone argues that if it is not allowed to continue to sell its homes on a leasehold basis and charge ground rent, it would have to charge more up front. Headquarters. The Elderly Accommodation Counsel also carries details of properties for sale on its website. Others have threatened to hold onto sites and await a different policy and political context to release them into the market. September 2009 sold for £169,850 McCarthy & Stone’s shares have fallen from 290p in 2016 to 72p. Some landowners are adjusting their expectations on land values. BUT If you look at an Assisted Living property (cleaner for one hour/week and lunch available etc.) McCarthy & Stone responds to publication of new national planning guidance for older people 26 Jun 2019 McCarthy & Stone, the UK’s leading developer and manager of retirement communities, has responded to today’s publication of new national planning guidance for councils on older and disabled people’s housing by the Ministry of Housing, Communities and Local Government (MHCLG). Purchased for £187k – 2004 The second hand value of such property is such that the move to such accommodation is a poor investment for anyone concerned about passing on an inheritance. The main developers are McCarthy Stone, Audley Retirement Villages, Richmond Villages and Retirement Villages. Sort: List. Loss £70,000 in four years (28 per cent). John McCarthy and Bill Stone became partners in 1961, and in 1977 they built their first retirement housing development in Hampshire.Subsequently they ceased other building work to concentrate on developing specialist housing for elderly people. Our partners may also use information recorded by these cookies to see how well their adverts are performing. The development was built in 2003/04 not 2005/06 Another reader, Sue Anson, tells how her mum bought a one-bed in Studley, Warks, for £144,000 in 2006. Examples of this include setting your privacy preferences or filling in forms. We have 23 properties for rent listed as: house mccarthy stone retirement, from £196. In response, McCarthy & Stone said most properties resold so far in 2016 had increased in value and about one-third of all its properties “outperformed their local market”. So one way and another not a good investment, especially if the money is needed to fund nursing home fees at a later date. When you visit a website, it may store or collect information on your browser, usually using small files called cookies, that allow us to recognise and remember you. We use small files called cookies to personalise your experience of our website, improve its performance and show you more relevant content. Could the financial position of the freeholder have any bearing on leasehold values? Sign Up for Newsletter. number: 08999652) is a company limited by guarantee that is a registered October 2005 same flat sold £158,950 These values are widely communicated across the business to ensure alignment with strategic aims and to actively encourage a culture that promotes teamwork, involvement and empowerment at all levels of the Group. December 2006 sold for £200,950 Sounds like McCarthy and Stone wanting to increase their profits even further. When you buy a resale apartment, you can start your retirement lifestyle in one of our pre-owned homes early. @Floradora9 - McCarthy & Stone have asked us to pass on the following: “While the value of retirement housing is more than simply financial, the majority of our properties sell for more than they were bought for. Flat sold twice before: Loss £30,000, 15%, Wider property region dropped by 2% in period, A flat currently advertised resale at £149,950 McCarthy & Stone bosses take pay cut to preserve cash Pui-Guan Man 25/03/2020 | Investment/finance Print Download Retirement home developer and manager McCarthy & Stone’s board and leadership team have agreed to voluntarily reduce their basic salaries by 20%, as part of cash-saving measures during the coronavirus pandemic. McCarthy & Stone, which buys land and then builds, sells and manages retirement homes, has been hit by the pandemic as the property market basically came to a halt during lockdown. McCarthy & Stone Plc, Britain's biggest builder of homes for retired people, said its London debut had been priced at 180 pence per share, valuing the business at 967 million pounds. Loss 25% over seven years, June 2012 another flat sold for £113,000 To deal with all legal matters, we will recommend you a panel of solicitors that is familiar with retirement properties and has regularly worked with McCarthy & Stone. These cookies also allow us to give you tools like videos and calculators. McCarthy & Stone continues on its journey to champion older people with the launch of a new Charitable Foundation 17 Nov 2020 McCarthy & Stone, the UK’s leading developer and manager of retirement communities, has today announced the launch of the McCarthy & Stone Foundation as the organisation continues to celebrate, champion and defend the role of older people. Don’t forget the original value would have been used as a valuation for re-mortgaging. June 2012 flat sold for £190,000 Kings Place It was formed by John McCarthy and Bill Stone, who became partners in 1975, and focussed on building retirement properties … US private equity giant Lone Star has made an offer to acquire McCarthy & Stone in a deal that values the UK retirement housebuilder at around £630 million. The Group buys land and then builds, sells and manages high-quality retirement developments. The Times September 10 2016) reported, research by the Campaign against Retirement Leasehold Exploitation into re-sale values. Records existed for properties in 11 of the 13 developments. These cookies allow us to understand how people use our website and where they came from, so that we can measure and improve the performance of our website, as well as to remember your preferences. With an in-house team handling the sale, we take the stress out of the buying and selling process. When you buy a resale apartment, you can start your retirement lifestyle in one of our pre-owned homes early. May 2007 sold for £158,613 If you do not allow these cookies, you may see more content and adverts that do not match your interests. McCarthy & Stone, the specialist retirement property developer, is currently advertising 239 developments on its website (as of October 2012). McCarthy & Stone’s ground rents are fair and stable and set at the outset of the development. It reported a fall in value of £164,188 of a McCarthy and Stone flat at Risingholme Court, in Heathfield, East Sussex, from its original purchase price of £225,688 in April 2008. This is in spite of the hard sell, the dismal capital values and they fact that McCarthy and Stone draws … Loss of 9%. Do Mc&S keep to their obligations? McCarthy & Stone’s shares have fallen from 290p in 2016 to 72p. I have re-checked at the local development and some of the information I was provided, needs adjusting. charity (number: 1162584) with the Charities Commission.Website by Callia Web, DCLG stakeholders hear of ‘calamitous’ Law Commission report on exit fees, Huw Merriman calls for zero ground rents for retirement leasehold at prime minister’s questions, BetterRetirementHousing.com reports retirement resale disasters. At McCarthy and Stone, another major private provider of retirement homes, service charges for a two-bedroom flat in a Cheshire complex, with a resident manager, are £404.28 a quarter. What is strange is soon after the posting, I was informed by an Estate Agent that the three One Bed Flats I had mentioned had over night, increased to £109k each and later sold. By 1982, when the company was floated on the Unlisted Securities Market, McCarthy & Stone had completed 15 retirement housing … Open Data Institute Guide Price. Despite this, the firm’s shares trade on a forecast P/E of 8.3 and a price/book value of 1.9. If you’d like to sell your McCarthy Stone property call: Our driving ambition is to create retirement communities that enrich the lives of our customers, their families and our employees. Wider market for the region, rose by 3% same period, Flat currently advertised for resale at £395,000 BUT If you look at an Assisted Living property (cleaner for one hour/week and lunch available etc.) Homeowners or the Power of Attorney are free to instruct whom they wish to sell their property and are under no obligation to use McCarthy & Stone’s Resales service. They explain that Churchill no longer needs to be judged against its great rival. Some developers like McCarthy & Stone offer a re-sales service. On BBCR4 MoneyBox today, My granny’s Audley Retirement home ‘was a money pit’ costing £48,000 in exit fees, The Times reports that families ‘lost £3 billion’ on resale of leasehold retirement flats, while developers and freehold speculators made millions, Private Eye reports challenge to ‘scandal’ of lease extension values, the research into re-sale values recorded on the Land Registry for retirement properties. Matthews had already begun the do mccarthy and stone properties hold their value of selling their House in Emsworth before contacting Churchill hold dear them significantly net. Improve its performance and show you more relevant content Construction Directors – they sent in same! What you ’ re looking for right now Managers to Construction Directors – they sent the. Give you a more personalised experience on our site Stone properties Ltd. McCarthy & built! 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