New care home deal increases Sandstone’s property portfolio

CGI of Manor Farm plans

Sandstone Care Group will take over an 80-bed North Yorkshire care home following a deal for the site, which is about to begin construction at Manor Farm, in Old Malton.

London-based Octopus Real Estate, part of Octopus Investments and a specialist real estate lender and investor, has acquired the new-build scheme for £15.5m via forward funding, taking the Octopus Healthcare Fund’s portfolio to more than 100 care homes.

Sandstone Care Group, which has headquarters in Chester and Warrington, will take operational ownership of Manor Farm, on a 35-year lease, on completion of the build, in spring 2025.

James Parkin

James Parkin, co-founder and director of Sandstone Care Group, said: “Our growing portfolio of care homes provide a range of residential, nursing and dementia care services within modern, vibrant communities.

“Our focus is always on providing unrivalled person-centred care for our residents in a welcoming environment, and Manor Farm in Old Malton will be no different.”

Earlier this month Sandstone announced it had added a ninth facility to its portfolio after taking operational ownership of Priesty Fields Care Home in Congleton.

Chris Wishart, care home origination director, Octopus Real Estate, said: “We are thrilled to add Manor Farm to the Octopus Healthcare Fund.

“We can’t wait for development to start on what will be a purpose-built, fully electric fit-for-future care home that typifies the quality of assets we at Octopus seek to invest in across the UK.

“We welcomed Sandstone Care Group as an operating partner last year and they have demonstrated how they deliver high quality care, so it’s great to be further strengthening our relationship with them through this acquisition.”

Click here to sign up to receive our new South West business news...