Property investor eyes up Birmingham care homes

A PROPERTY investment firm based in the Isle of Man is in discussions to buy two children’s homes in Birmingham.

Specialist Investment Properties has bought two Greater Manchester care homes from the directors of the homes’ operator Meadow Care.

Through its subsidiary Secta Properties it also plans to purchase two residential properties in Birmingham that would also be leased to Meadows Care. The proposed deal would enable the care home operator to fulfil part of its contract with Birmingham City Council to provide children’s accommodation.

Secta also confirmed it is currently identifying “a selection of further properties in the area” as investment targets.

The Greater Manchester deal was for the purchase and leaseback of children’s homes in Heywood and Bury. The properties were purchased from Meadows Care directors Jonathan Rigg and Niel Shelmerdine for £507,000, with the company then taking a 25-year lease on the sites.

It is the first investment by Specialist Investment Properties since it completed a £2m fundraising last month. Its investment strategy is focused on properties in specialised care sectors, initially concentrating on children’s homes.