Care Concern Group is set to take possession of a luxury 46-suite property in Sheffield in September this year.
The current home on the site has 69 bedrooms. It was built in the 1990s but closed in 2014 pending a complete refurbishment.
It was been bought by investment trust Target Healthcare REIT Limited, which will finance the refurbishment into a luxury home. 23 bedrooms will be lost as the remaining 46 are given space for large ensuite bathrooms with wetroom showers.
Modern public spaces will be created including several lounges and dining rooms, a new conservatory, a balcony and access to landscaped gardens.
Target Healthcare completed the acquisition on January 20, and will have invested almost £4 million in the purchase and renovation by the time the home is handed over to Care Concern Group later this year.
“We are extremely pleased to announce this transaction,” said Kenneth MacKenzie, managing partner of Target Advisers LLP .
“When the renovations and refurbishments are complete this home will represent a very high quality asset which fits in well with our overall portfolio and will be an excellent example of investing in existing care home assets to deliver appropriate future proof assets of the right physical standards for the benefit of the sector. The Group is working on a number of further transactions and we hope to conclude more deals in the coming months.”
The Sheffield property will be the third home that Care Concern operates on behalf of Target. The company also runs Mossvale Care Home in Glasgow and The Ashton in Hinckley, Leicestershire.
Target says it has now invested over £165 million in the acquisition and development of high quality care homes in the UK.
Ian Wilkie, director of Healthcare Property Consultants (HPC), which acted on behalf of the vendor said: “We are delighted to have once again acted successfully on behalf of this established client. We were also pleased to have had the opportunity to work with Target once again and to further assist in expanding their portfolio.”