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.
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.
