£16m property deal completed in face of Coronavirus crisis
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A £16m property deal in Stockport has been completed in the face of the current crisis.
Bramhall Manor, New Care’s latest care facility, has been sold to Octopus Healthcare.
Acting for New Care, which will continue to operate the home as a tenant, was Manchester-based Beyond Corporate Law.
Health and Social Care partners in Stockport commissioned the new 71-bed facility to care for patients who are well enough to be discharged from hospital, but need further assessment to identify their ongoing care needs.
The facility frees up vital beds at Stepping Hill Hospital for patients who will need more intensive care due to COVID-19.
Bramhall Manor is now receiving patients and is part of a joint Borough-wide plan to respond to the pandemic.
The sale of the completed care home asset involved Beyond Corporate’s Construction, Planning, Corporate and Real Estate teams.
James Flynn, head of Beyond’s Real Estate division, said: “At a time when many deals not only have delayed completions but have been iced entirely, we are delighted to complete such an important transaction in what are undoubtedly challenging circumstances.
“This is a great example of genuine business continuity on all sides.
“We have worked with New Care since its inception, and have been on the journey with them as they have gone from start-up to flourishing business, now employing more than 800 people.
“Over the past two years we have represented New Care in transactions worth more than £100 million. This deal is just the latest in our long-standing relationship. We are proud to work with an organisation that is instrumental in providing critical care at a time when the country needs to bolster its healthcare infrastructure. We are also proud to have shown, along with the other parties and advisers involved, that deals can still be transacted in the current environment.”
Chris McGoff, chief executive at New Care, added: “Beyond Corporate Law continue to represent New Care and this latest deal, concluded in unprecedented times, is testament to the team.
“Despite the challenges we are currently facing, business continuity is essential, particularly if it is supporting the COVID-19 effort with the most vulnerable in our society.”
Beyond Corporate Law, a Beyond Group company, is headquartered in the centre of Manchester.