£28m funding deal secures unique multi-generational property scheme
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The McGoff Group, in partnership with joint venture partner Macdonald Hotels, has secured funding deals with Puma Finance and Octopus to progress plans for an exciting new £28.25m multi-generation development on the site of the former Lymm Hotel on Whitbarrow Road in Lymm, Cheshire.
The first of its kind in the North West, the project will comprise a state-of-the-art care facility, expertly designed children’s day nursery and 45 bespoke luxury retirement apartments in a leafy conservation area setting close to the village and adjacent to the Trans Pennine Trail.
Designed by the Altrincham-based McGoff Group and delivered by principal contractor McGoff Construction, the development is a new concept in inter-generational living, bringing young and old together to form a thriving new hyperlocal community with proven health, social and wellbeing benefits for all.
All aspects of the development will also be operated by the McGoff Group.
Renowned for providing exceptional residential, nursing, respite and dementia care services in a comfortable and safe environment, the group’s multi award winning care home provider, New Care, will take responsibility for the 66-bed care home.
The nursery will be operated by Back to the Garden, the group’s natural child-led day nursery concept. It will be the second site in the UK for the innovative nursery concept that focuses on active learning and outdoor play in a garden setting which has already enjoyed considerable success at its first site in Broadheath, Altrincham.
The McGoff Group’s residential brand Villafont will also deliver the 45 retirement apartments under a new sub-brand Villafont Concierge which will offer an impressive specification and enhanced lifestyle package for those looking for a luxury property with the option for elements of domestic support to enable continued independent living.
Bringing together the best of care for both the oldest and youngest members of the community, the new concept is designed to offer the potential for old and young to spend time in each other’s company on a regular basis which has many proven mental and physical health-related benefits including an increased understanding and appreciation of each other’s abilities and limitations, building tolerance and compassion and helping the elderly remain more mentally and physically alert.
Director at the McGoff Group, Chris McGoff, said: “A development like this is something that we have wanted to do for a long time and a concept that we believe passionately in. Thanks to the finance from Puma and Octopus, it can now take shape. We are excited to see how it becomes part of the local community and hope it can set a new blueprint for future schemes.”
He added: “Adjacent to the canal and next to an entry onto the Pennine Trail and with lovely woodland views, the leafy position of this site will appeal to all target age groups and will be perfect for young and old to enjoy.”
Beyond Corporate provided advice on the real estate, planning, construction, corporate and financing aspects of the transaction. Completion of the funding and the start of works on site marked the end of four years’ work involving input from several teams within the firm.
Lead partner, James Flynn, said: “This project has shown how joint venture deals can be constructed to allow landowners to unlock value in brownfield sites that are no longer suitable for their existing uses.
“It has been fantastic to see the McGoff Group team up with Macdonald Hotels to identify the concept for this site and then, ultimately, deliver the project, particularly given the current challenging conditions, and the whole team at Beyond is very pleased to have played its part in helping to deliver this scheme.”
With planning already granted, groundworks at the development are well under way and the McGoff Group anticipates a completion date of October 2022 for the nursery, November 2022, for the care home and December 2022, for the apartments.