McGoff Group celebrates £125m of resi deals
MCGOFF Group, based in Altrincham, Greater Manchester, has completed on a series of healthcare sector and residential development deals across the North West, worth £125m.
The company has start on site at two new care homes, after receiving receive detailed planning permission for a third care facility.
It has entered into a sale and leaseback arrangement on a recently completed care home, and acquired a landmark site on the banks of the River Irwell for a 368-apartment development.
The largest scheme, with a project value of £75m, is Downtown, a luxurious waterside residential development of one, two and three bedroom apartments in a gateway location to the cities of both Manchester and Salford.
The Manhattan-inspired scheme has been designed to enhance modern lifestyles, boasting a concierge located within the lobby, a gymnasium and spa, a café, a business centre and media room, as well as dry and cold storage rooms to facilitate supermarket deliveries.
Roof terraces with seating and secure undercroft car and bicycle parking, complete a series of ‘hotel-style’ services that will cater for an ever increasing aspirational rental community.
In the healthcare sector, the group has secured deals totalling £50m, relating to four individual care homes located in Sale, Lytham, Chester and Nottingham.
Build is well advanced in Sale, where construction has commenced on a £10m 57-bed care facility, known as Ashland Manor, with funding secured from HCP, an institutional REIT based in USA.
In Lytham, the group has signed a forward funding agreement with Octopus Healthcare for the development of a 76-bed care facility, worth £12.5m, with construction now underway. In Chester, planning consent has been granted for a £15m 77-bed care facility, with construction is due to start in August.
The deal bonanza culminated with a £12.5m sale and leaseback arrangement to Octopus Healthcare of the Group’s recently completed 82-bed flagship care home, known as The Grand, located in West Bridgford in Nottingham.
The McGoff Group is a multi-faceted collection of like-minded construction and property centric companies, comprising New Care, Villafont Homes, McGoff Group Facilities Services and at the heart of the Group, principal contractor McGoff & Byrne.
Dave McGoff, main board director at the McGoff Group, said: “With more than 40 years of construction excellence, the McGoff Group has cemented itself as a major player in the developer arena with its unique ability to identify and acquire sites, expertly design, build, operate and then maintain buildings in a range of industries, from healthcare and education to property and leisure.
“Not only does this one-stop-shop approach naturally de-risk the funding process of our developments by creating stakeholder alignment via removing disconnected parties, such as arms-length consultants and contractors, but it is also creating untold efficiencies through our ability to value engineer projects at every step of the process.
“Our unique offering has resulted in a surge of investment interest from various lending institutions and we hope to capitalise on our strong track record and our growing brand as we take the Group further.
“Secured construction work alone is now approaching £150m, making us one of the strongest regional players in the main contracting arena. Along with our own development projects, we work with a number of repeat business third party branded clients, such as Whitbread, Merlin Entertainments and Greene King.”
Fellow board director Chris McGoff, responsible for the group’s development-led and strategic activity, added: “It seems we are slowly changing perceptions with regards to development funding, which has become a dirty phase for many banks in recent times, by securing innovative and bespoke investment from multiple sources, all of which is evident in the recent deals we have concluded.”
