McGoff Group secures £50m to invest in four New Care luxury care homes

McGoff Group, the parent company of care home operator New Care, has unveiled plans to build four new homes as part of a £125 million care sector and residential development deals across the North West.

£50 million has been injected by HCP, a $16 billion US-based real estate investment trust (REIT) into the business. It will be invested in the four care homes in Sale, Lytham, Chester and Nottingham.

In Lytham, the group has signed a forward funding agreement with Octopus Healthcare for the development of a 76 bed care facility, worth £12.5 million, with construction now underway.

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While in Chester, planning consent has been granted for a £15 million 77 bed care facility, with construction due to start in August.

The deal also includes a £12.5 million sale and leaseback arrangement to Octopus Healthcare of the group’s recently completed 82 bed flagship care home, known as The Grand (pictured above), located in West Bridgford in Nottingham.

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