Contracts have been exchanged with the listed specialist investor, Target Healthcare. The two properties are both newly constructed, well equipped, 86 bedroom care homes which have been fitted out to an exceptional standard. Both homes have 100% en-suite wetrooms, and are underpinned by supportive fundamentals, thereby meeting the Target’s strict investment criteria.
One of the homes opened in August 2019 and is located in the North Yorkshire town of Scarborough. The other is located in the market town of Pudsey, Leeds in West Yorkshire, and is scheduled to open in November 2019, once CQC registration has been received. The two homes will be leased on a 35 year lease, to a subsidiary of Burlington Care, a regional operator with 24 care homes in Yorkshire, North Lincolnshire and the North East.
The principal and owner of ASD, Angela Swift, has been active in the care home sector for over 15 years. Whilst the business is now an investor and developer of first class care home property assets, Angela Swift originally established a presence in the sector as a developer and operator of care homes with Silk Healthcare Ltd. During a 12 year period, Silk Healthcare successfully developed five operational care homes.
Commenting on the transaction, Angela Swift said, “We believe our two latest developments reach a new level in luxury care home design, with each being sympathetic to its setting. We are delighted to hand over the homes to Burlington Care, and wish them the very best for the future. We have also enjoyed a good working relationship with Target, throughout what was a complex process.”
HPC Director Ian Wilkie, who acted for ASD in arranging the sale, added “I have known Angela and ASD team for many years, and we are thrilled to have had the opportunity to deal with such superb care homes. This is second significant transaction we have concluded with Target in just over 10 weeks, and we believe this represents a first call investment for them.”
This transaction will complete once both homes have received CQC registration, which is anticipated to be prior to the year end.