Millbrook Village introduces market-leading rental option for over 55s

Claire Small's picture
Authored by Claire Small
Posted Friday, August 16, 2019 - 10:11pm

Millbrook Village, the retirement village in Exeter, Devon has recently launched properties for rent to accommodate the changing needs of the rightsizer market.

Inspired Villages, the operator and developer behind the retirement complex on Topsham Road, has launched this option at all its villages across the country. Broadening its existing residential provision, the group which is partnered with financial institution Legal & General, is one of the first operators of retirement villages to specifically provide renting as an alternative to buying.

Research by the Centre for Ageing Better has shown that 414,000 older people now rent a property, which is up 63% from 254,000 people in 2007. Inspired Villages recognised that with this increasing trend, more rental retirement housing is required to meet current and future demand.

Millbrook Village, located in an idyllic position on the upper banks of the River Exe and close to Exeter city centre, comprises a mixture of two and three bedroom cottages and apartments that are all finished to the highest standard. Each home comes with a private terrace or balcony along with spacious rooms and stylish fixtures and fittings. 12 of its two and three bedroom apartments are available for rent.

Springbok Hall forms the central hub of the village with a range of health and leisure facilities including a restaurant, bar, lounge, gym, swimming pool, library, snooker room and activity rooms as well as a cinema and a medical centre with a visiting doctor. The village also has a dedicated Wellbeing Navigator who helps residents achieve their fitness and health goals.

The new rental option allows customers to ‘try before they buy’, experiencing an Inspired village before committing to purchase, or just to suit more flexible lifestyle needs. Rental prices at Millbrook Village start from £530 per week with utilities included as part of a service charge fee.

James Cobb, Group Sales and Marketing Director at Inspired Villages, comments:  “We are all about providing great options for our residents in order to suit their individual needs. Rental can be an excellent choice for some since home ownership isn’t for everyone. For some people we speak to, they do not have a family to pass their money onto, so rental allows them to unlock their housing wealth to live the most spectacular later life with the full financial security. 

“Others may never have been on the housing ladder, but still want to access the lifestyle that our villages offer. 

“And some see this as a great extension of our ‘try before you buy’ experience – giving them full confidence that the village is the right place for them. We want more people to embrace the lifestyle that is on offer at our retirement villages, with all of its positive health and wellbeing benefits, and providing the option to rent enables more people to choose us.”

The rental option is also available at Inspired’s other retirement villages including Durrants Village in Faygate, West Sussex, Great Alne Park in Great Alne, Warwickshire, Austin Heath in Heathcote, Warwickshire and Gifford Lea in Tattenhall, Cheshire.

In the first week since launching Inspired has taken five reservations for rental properties across its portfolio, with one tenant having already moved in to its Durrants Village retirement community in Faygate, West Sussex. 

James Cobb continues:  “The number of people renting in retirement is on the rise, predictions suggest that a third of people over 60 could be renting in 2040.[1]  For an increasing proportion of this demographic, renting is a lifestyle choice, as opposed to a necessity, citing flexibility as a key driver.

“Research shows we live better for longer in communities that facilitate and encourage active living. Inspired’s retirement villages are designed for exactly this, with cottages and apartments arranged around a central clubhouse which provides a range of health and fitness facilities and lots of activities for a sociable and fulfilling retirement.”

Homes for sale at Millbrook Village start from £339,950 for a two bedroom apartment and from £390,000 for a two bedroom cottage. For more information about the homes available at Millbrook Village, contact the sales team on 01392 339 677, emailsales.millbrook@inspiredvillages.co.uk  or visit https://www.inspiredvillages.co.uk/village/millbrook