Major care home investment sold to European player
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Property adviser, Christie & Co, has announced the sale of a forward funded investment with planning permission for a care home pre-let to Care UK, next to St Luke’s Hospital in Market Harborough.
Frontier Estates achieved full planning permission for a 76-bedroom care home scheme which benefits from generously sized bedrooms, 100 per cent en suite wet rooms, a hair and beauty salon, café, activity rooms, cinema/library space and a range of lounge and dining rooms. Landscaped gardens will surround the home to the north and west, and a number of terraces will encircle the building.
The investment has been acquired by Rynda Healthcare and its strategic partner, a Pan-European real estate investment house with €11bn worth of assets under management.
Sam Rous, head of healthcare at Frontier Estates, said: “We’re really pleased to be working with Care UK again to deliver this high-quality care facility with the long-term support of Rynda Healthcare.”
Michael Walton, managing partner at Rynda Healthcare, said: “We are delighted to have closed this transaction with such a professional and experienced developer. We are intent in building long term relationships with a range of selected developers and operators whose business growth we look to support for the long term.”
David Gannon, head of acquisitions at Care UK, said: “Continuing our relationship with Frontier Estates, we are looking forward to the development and operation of this attractive new care home in Market Harborough. Our 125 existing homes have some of the highest CQC ratings in the sector for delivering high-quality care and we pride ourselves on being part of the communities where our homes are situated as well as creating new jobs for the local people too.”
On behalf of the joint agents Christie & Co and Gerald Eve, Jordan Rundle, director of healthcare development and investments at Christie & Co, said: “With many traditional property sectors including retail and office markets going through structural changes, appetite for high-quality care home schemes is increasing, with investors attracted by strong fundamentals and underlying demographic trends.
“We are delighted to have worked with Frontier Estates, Rynda Healthcare and Care UK on this project and look forward to seeing the development take shape in the coming months.”
Joint Agents were Christie & Co and Gerald Eve. The investment was sold at an undisclosed price.