How does the later living model operate?
The sector is market for sale residential, but the building often includes a lot of services or amenities. Often, in order to qualify for the use class of C2, which is housing with care, a minimum number of hours per week of support is required, which can go from secretarial support to medical care. All the initial sales, in order to appeal to the market, are at a slightly lower profit level than market for sale residential, but, at the end of the customer journey, there is an exit fee, so the building operator assists with the reselling of the property and gets a cut of the resale value. The building operator may be able to resell the property 7 times over 50 years, so they can make a good profit.