2008 Same flat sold £266,950 It will have a marked effect on McCarthy and Stone, according to an article in […] 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. Loss 24 per cent. Sounds like McCarthy and Stone wanting to increase their profits even further. The Landlord is Estates & Management, with Managing Agents Peverel/Firstport Retirement. March 2008 previously sold for £229,678 The Times September 10 2016) reported, research by the Campaign against Retirement Leasehold Exploitation into re-sale values. 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. Don’t forget the original value would have been used as a valuation for re-mortgaging. October 2007 purchased for £248,447 By 1982, when the company was floated on the Unlisted Securities Market, McCarthy & Stone had completed 15 retirement housing … Loss 27%, Northgate Court, Biggleswade, Bedfordshire, Recent McCarthy flat currently marketed for resale at £164,950 Sort: List. As specialists solely in McCarthy & Stone managed retirement apartments, you can be confident that everything you need is taken care of. McCarthy & Stone, the retirement home developer, yesterday said it had spurned a takeover bid from John McCarthy, its chairman and co-founder. Guide Price. When you buy a resale apartment, you can start your retirement lifestyle in one of our pre-owned homes early. Loss of at least 25%. It seems the flats original purchase costs, includes these addition items, which are not part of the re-sale. Do Mc&S keep to their obligations? Right decision or not, the boys say they have got McCarthy & Stone out of their system. £1,250,000 . August 2005 sold previously for £148,950 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. It was formed by John McCarthy and Bill Stone, who became partners in 1975, and focussed on building retirement properties from 1977. A One Bed Flat was selling for circa £135k in 2006, Two Bed Flats for £180K. August 2006 same flat sold for £159,450 This showed how values had changed over a specific period. Culture & Values ★ ★ ★ ★ ★ ... not much time left for supporting homeowners yet sometimes their issues need a lot more time than given. Often. 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 … Others have threatened to hold onto sites and await a different policy and political context to release them into the market. We consulted with our 1,000 colleagues to discover what they believe the values of the company are. On 11 April, the Group reported a good response to the opening of its new sales outlets during Q1 of the calendar year. History. It was formed by John McCarthy and Bill Stone, who became partners in 1975, and focussed on building retirement properties … Loss 18%, Recent McCarthy flat currently marketed for £140,000 Cheapest 1 Bed Flat – sold new 2003 – £95k. Sign Up for Newsletter. September 2009 sold for £169,850 September 2010 sold £195,000 BUT If you look at an Assisted Living property (cleaner for one hour/week and lunch available etc.) Category: Latest News, News, Press, RetirementTag: Audley Retirement, Churchill Retirement Living, McCarthy and Stone, Pegasus, Retirement, Retirement Security Limited, Retirement villages. 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. Do Mc&S keep to their obligations? I'm not comfortable with the purchase, but I've already vetoed one, on the grounds that it was only 75% ownership. October 2007 sold for £221,604 The one very positive thing is the help and comradeship that is provided by our House Manager Sadia Chant. To achieve victory in the leasehold game where you are playing against professionals and with rules that they know all too well - stay informed with the LKP newsletter. 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. Here’s what you can try to find more properties: 8. When we use the information from these cookies it is grouped together and therefore anonymous. BUT If you look at an Assisted Living property (cleaner for one hour/week and lunch available etc.) 975 results We couldn't find what you’re looking for right now. These cookies record your visit to our website, the individual pages you visit, the links you follow and the type of device you use. October 2007 for £172,351 The sale is likely to value McCarthy & Stone at about £1bn, though the company declined to discuss the valuation. 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. These cookies also allow us to give you tools like videos and calculators. When McCarthy & Stone built the development, it sold the flats as leasehold and retained the freehold. I'm not comfortable with the purchase, but I've already vetoed one, on the grounds that it was only 75% ownership. number: 08999652) is a company limited by guarantee that is a registered 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). Stay in Touch But, it says in a new report, older people wanting to downsize find their options limited, and moving expensive. 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. Loss12%, February 2009 sold for £158,716 Could the financial position of the freeholder have any bearing on leasehold values? They are not suitable for people with significant care needs like advanced dementia. Profit 12%. McCarthy & Stone, the UK's leading developer and manager of retirement communities, and Anchor Hanover, England’s largest not-for-profit provider of specialist housing and care for people in later life, today announce a development partnership which will see the country’s two leading retirement providers deliver a range of ‘affordable for all’ later living communities across England. McCarthy & Stone Properties Ltd. McCarthy & Stone Properties Ltd. McCarthy & Stone Properties Ltd. Overview. Focus on contributing to an excellent experience for our customers, Work to inspire and motivate colleagues, working together, Put energy into making us the best we can be, Personal responsibility for high achievement throughout the business, Promote team working through your own commitment to team goals, Take responsibility for the safety of yourself and others, Be true to company values – Do the right thing, Look for innovative solutions that will enrich the lives of our customers, Develop great ideas that make us the best, Actively share your expertise and knowledge with colleagues, Be open to new ideas and ways of doing things, Be determined to deliver to the highest standards, Always keep things simple for our customers, Go ‘the extra mile’ to deliver excellent results, Build effective relationships based on trust and respect, Continuously develop your own skills and knowledge. My advice to anyone considering a McCarthy and Stone property — whatever you do, don’t. December 2006 sold for £200,950 Find out more about marketing cookies here. Both owners appear losers, January 2012 another recent flat sold for £172,500 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. 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. There is a very well known builder of retirement properties, McCarthy and Stone. Los 22%, Recent McCarthy flat currently resale at £119,950 loss of £25,000 (14% minimum), July 2012 another Flat sold for £179,950 We have 23 properties for rent listed as: house mccarthy stone retirement, from £196. The Times today (September 10 2016) reports the research into re-sale values recorded on the Land Registry for retirement properties. Wider market’s growth, 9% for the period. You can use this 'Manage settings' feature to switch on or off certain types of cookies, although some cookies are necessary for our site to work correctly. McCarthy & Stone’s shares have fallen from 290p in 2016 to 72p. Not McCarthy & Stone though. 1. June 2012 flat sold for £190,000 So one way and another not a good investment, especially if the money is needed to fund nursing home fees at a later date. On the negative side, McCarthy and Stone could do much better when maintenance is required. Research looked at these properties, then identified other flats in same developments sold within the past 12 months, where Land Registry records existed for another, previous sale. After McCarthy & Stone were featured on Channel 4 Dispatches programme about their selling tactics, the producer of this programme contacted me for further comment. 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. 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. 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. Hurrah! The owners of McCarthy and Stone have voted for a plan which would see the company taken over by a US private equity firm. ... says Daily Mail McCarthy without Stone: ... although retirement housebuilders’ do their … We couldn’t be placing you in safer hands. If that is a concern, it’s important that buyers and their families understand the limit of the support McCarthy Stone can offer. The precipitous fall since March has pushed them significantly below net current asset value per share. Recently in early spring 3 One Bed Flats were on sale in the same development for offers circa £75k? Wider local market fell 13% in the period. July 2008. sold for £166,261 Another reader, Sue Anson, tells how her mum bought a one-bed in Studley, Warks, for £144,000 in 2006. Sold £125k – 2011. When you buy a resale apartment, you can start your retirement lifestyle in one of our pre-owned homes early. (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. With an in-house team handling the sale, we take the stress out of the buying and selling process. Good properties in great locations for the elderly and the lease looks fine. Private. Timothy Hackworth Court, Stockton-On-Tees, Flat currently on the market for £145,000 The main developers are McCarthy Stone, Audley Retirement Villages, Richmond Villages and Retirement Villages. “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.” McCarthy & Stone is the leading housebuilder for retirement properties in the UK. Our partners may also use information recorded by these cookies to see how well their adverts are performing. Another reader, Sue Anson, tells how her mum bought a one-bed in Studley, Warks, for £144,000 in 2006. 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. 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. McCarthy & Stone is today issuing the following trading update ahead of reporting its final results for the year ending 31 August 2018. Some retirement properties do hold their value, but sale prices can depend on a variety of factors other than trends in the wider property market. Dearest 2 Bed Flat – sold new 2004 – £187k. Purchased for £129k – 2007 The article, headed “Exit Fees – Poor Resale Values: I recently posted similar information regarding a McCarthy & Stone Development built 2005/06. That’s cheaper than several comparable rivals. June 2012 a flat in the complex fetched £220,000 Sold £75K – 2014, Flat 24 Two Bed They are fixed for 15 years. 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. 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. Loss 18%, 11 Months ago most recently flat sold for £147,000 We use small files called cookies to personalise your experience of our website, improve its performance and show you more relevant content. September 2010 for £149,000 They do not hold their value, in our city resale's often go for as much as 50 percent less their new build price. McCarthy & Stone, the retirement home developer, yesterday said it had spurned a takeover bid from John McCarthy, its chairman and co-founder. Find: stone properties for rent at the best prices The development was built in 2003/04 not 2005/06 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. June 2012 flat sold for £249,950, Previously sold for £222,733 in November 2008 Previously sold in August 2008 for £249,950 McCarthy Stone properties are designed for active independent living. This is in spite of the hard sell, the dismal capital values and they fact that McCarthy and Stone draws … Given her infirmities and those of Stan, she declined to do this. Loss 25% over seven years, June 2012 another flat sold for £113,000 Plus they take an eternity to sell. Records existed for properties in 11 of the 13 developments. The precipitous fall since March has pushed them significantly below net current asset value per share. Those elderly pensioners purchasing the flats, are unaware of the drops in value. “People who buy retirement properties should expect that they will hold their value; too often this is not the case.” 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, Anchor and Pegasus. Advising leaseholders. It was formed by John McCarthy and Bill Stone, who became partners in 1975, and focussed on building retirement properties … Or are ill/fall. Some developers like McCarthy & Stone offer a re-sales service. The Elderly Accommodation Counsel also carries details of properties for sale on its website. July 2007 sold for £107,500. Properties For Sale by McCarthy & Stone Resales, Bournemouth, including sold STC. Annual maintenance doesn't seem too bad, maybe because it's an older property. The results are detailed below. Flat currently marketed resale at £170,000 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. McCarthy owner made profit. The delicate issue of the re-sale value of a new retirement flat won’t be established until there is a sale. Mr McCarthy states that the Matthews had already begun the process of selling their house in Emsworth before contacting Churchill. About us McCarthy & Stone is the UK’s leading developer and manager of retirement communities. Headquarters. @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. 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. From the many ‘values’ suggested, a strong pattern formed, and from this firm foundation we created our Company Values. Stopping forfeiture. Profit 26%. I have re-checked at the local development and some of the information I was provided, needs adjusting. 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. Flat currently on market for £154,950 They explain that Churchill no longer needs to be judged against its great rival. Open Data Institute June 2009 sold for £174,950 It seems to take ages to get things done in a reasonable time. The one very positive thing is the help and comradeship that is provided by our House Manager Sadia Chant. The following advertisements are from firms that seek business from leaseholders.Click on the logos for company profiles. We consulted with our 1,000 colleagues to discover what they believe the values of the company are. May 2007 sold for £158,613 It exclusively builds retirement developments, and it offers three unique age-exclusive accommodation options: Retirement Living, Retirement Living PLUS and Lifestyle Living. EXIT FEES Some companies charge a fee of between 0.25-12.5 per cent of the property’s value when a home is resold. “Retirement properties have been around for ages,” explains property expert Ed Mead. McCarthy & Stone’s shares have fallen from 290p in 2016 to 72p. Loss 24%. If the Matthews insist on one in a hurry, it is likely to be at some loss, which could be considerable. ie when they have dementia. Find out more about strictly necessary cookies here. 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. May 2009 sold for £179,950 100 Holdenhurst Road,Bournemouth, Dorset BH8 8AQ. 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. The family that founded McCarthy & Stone, the heavily indebted retirement homes builder poised to go into administration, is preparing a third tilt to buy back the company. Likely loss of 16 per cent or more Purchased for £187k – 2004 The information used by McCarthy Stone can give you a more personalised experience on our site. 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. Loss £70,000 in four years (28 per cent). 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. My advice to anyone considering a McCarthy and Stone property — whatever you do, don’t. McCarthy & Stone accounted for about 70% of specialist retirement housing built in the UK last year, and it says it is in a strong position given the demand for such properties. McCarthy & Stone has agreed to be bought by US private equity group Lone Star in a deal that values the retirement housebuilder at £630m. Many thanks for your review, we always value our customers' time and effort when sharing their first-hand experience living with McCarthy & Stone. These values are used as a guide to conduct our business, from key decisions to day-to-day activities. The Freeholder is now Fairhold 7, purchasing 56 flats within a short period after completion. I asked at the time was this a conspiracy as the 3 flats increased 31% each. 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. Wider local housing market prices fell 0.44% in the period, 2012 McCarthy flat currently marketed at £130,000 They offer specially priced packages for our clients and excellent customer service. Despite this, the firm’s shares trade on a forecast P/E of 8.3 and a price/book value of 1.9. Examples of this include setting your privacy preferences or filling in forms. ... Glassdoor has 33 McCarthy & Stone reviews submitted anonymously by McCarthy & Stone employees. Some landowners are adjusting their expectations on land values. Avoiding disasters. Type of Company. Kings Place From House Managers to Construction Directors – they sent in the principles they personally hold dear. Wider market for the region, rose by 3% same period, Flat currently advertised for resale at £395,000 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. As a former Housing Manager for Help the Aged and a Director of McCarthy & Stone Care services, Peter spotted the huge gap in the property market to offer retirement property to rent. However, as with any property the value is affected by the local market which will go up and down. 5th Floor It seems to take ages to get things done in a reasonable time. From exceptional levels of quality and safety — to ease of maintenance over time, we are firmly committed to helping our clients and partners achieve the short- and long-term strategic goals of every project we do. 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. Increases are then … 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. McCarthy & Stone’s ground rents are fair and stable and set at the outset of the development. On the negative side, McCarthy and Stone could do much better when maintenance is required. From House Managers to Construction Directors – they sent in the principles they personally hold dear. 2. Just scrap the stamp duty on any property … 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. Moving into a McCarthy and Stone property is one … In addition, the couple “were accompanied by their step-son and his wife [in … October 2005 same flat sold £158,950 Sold for £62k – 2010, Flat 47 One Bed Loss of 9%. We take pride in the work we do. 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. We depend on individuals for the majority of our funding. Urging reform. They make grim reading. Loss 8.5%, One neighbour did better April 2012 Similar flat sold for £140,000 The Group buys land and then builds, sells and manages high-quality retirement developments. 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. 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”. 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. If you do not allow these cookies, you may see more content and adverts that do not match your interests. The listed builder of … We are delighted that you are very happy in your apartment and with your lovely tribute to Gail, your House Manager. If you do not allow these cookies we will not know when you have visited our website and will not be able to monitor its performance. Not McCarthy & Stone though. Flat sold twice before: 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. September 2010 sold for £177,950 September 2010 same property achieved £375,000, April 2010 another flat sold previously £228,950 Our driving ambition is to create retirement communities that enrich the lives of our customers, their families and our employees. 2009 McCarthy flat marketed at £199,950 Unhappy McCarthy & Stone retirement flat- rent suddenly increased Liz The only legal way a ground rent can increase is via the terms of the lease. Loss 22%, Flat currently on market for £119,950 Purchased for £130k – 2005. We use this information to make our website more relevant to your interests. There is a very well known builder of retirement properties, McCarthy and Stone. The flats that have lost most value, have Lifts, Communal Rooms, Laundry’s and Corridors with Stairs. What would this development be worth now?