Newsroom

06.11.2013
Three care home lease projects worth £20m handed over in eight weeks

We have handed over three leasehold care home developments with a combined value of £20m in just eight weeks. Delivering more than 200 high-specification care beds for two of the UK’s leading care operators, we identified and acquired the land, secured planning permission and funding before completing the design and build.

Two of the developments were for Care UK. Brook Court is a 67-bed care home in Kidderminster and Ambleside is a 60-bed care home in Stratford-upon-Avon. Brook Court was our first development for Care UK. Both of the 30-year lease care homes were funded by the CarePlaces Fund – a partnership between Castleoak and sustainable growth investor, Bridges Ventures.

Head of Development, Ed Aldridge, explains: “Our site in Kidderminster had outline planning consent for a care home when we purchased it. However, there was a lot of work to be done to get local residents and the local authority on side to approve the new scheme. We successfully achieved this by working with the community through public consultations and door-to-door visits.

“Similarly, our site in Stratford-upon-Avon had outline planning consent for a hotel. As well as changing this, we had to win over the district council – which has a policy in favour of extra care developments.

“As with all projects funded by the CarePlaces Fund, both Brook Court and Ambleside will be managed throughout the duration of the lease by our in-house property asset management and accountancy team.”

Beaufort Grange, a 74-bed care home in Bristol for Barchester Healthcare, is the third of the development handovers. Barchester has entered into a 35-year lease and the development is our first to be backed by MedicX Healthfund – a leading UK healthcare property fund established to invest in premium healthcare property.

Kenneth MacKenzie, Development Director of Barchester, says: “We have worked with Castleoak on a major programme of new build care homes across the country and are delighted by the outcome so far.”

Steve Bucknell, Managing Director of Castleoak Care Developments, adds: “We are delighted to support both Care UK and Barchester in their organic growth plans. Crucially, the excellent relationships we have with CarePlaces Fund and MedicX Healthfund have enabled us to secure the all-important funding.

“The completion and handover of these care homes is a fantastic achievement and testament to the commitment of our development and construction teams. It’s also a true reflection of the confidence in our care home developments we are seeing in the market.”

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