Target Healthcare REIT acquires two luxury care home developments

Oxford Exterior Visual RevC (Compressed)

Target Healthcare REIT Limited has acquired two luxury care home developments.

The acquisitions are for Hamberley Development sites in Cumnor Hill, Oxford, and Badgers Mount near Sevenoaks in Kent, with a combined total of 130 beds.

Daniel Kay, Director of Hamberley Development, said: “We’re delighted to have agreed this deal with the Target Healthcare REIT team. The sale demonstrates the success of the design and development of our state of the art care homes in the UK. There is a growing demand for this type of leading-edge luxurious care environment and we are actively seeking out new opportunities.

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“Both of these properties are close to completion and the Hamberley Care Homes team looks forward to becoming a valuable member of each local community, providing truly personalised care for residents.”

Target Healthcare REIT Managing Partner Kenneth MacKenzie told CHP: “We are delighted to have acquired two development sites in Oxford and Sevenoaks.  These developments are underway and we are committed to delivering the exceptionally high standard accommodation that Target Healthcare is known for.

“We believe that there is an urgent need to improve the environment for the elderly living in care homes across the country and our facilities will provide desirable accommodation for residents with full wetroom facilities and extensive on-site facilities with large communal areas.  We welcome and look forward to working closely with our new tenant, Hamberley.”

The deal will see Hamberley’s operating company, Hamberley Care Homes, lease back the buildings over a 35-year period.

Both homes will include luxury en-suite bedrooms, a cinema, a bar area, a hair and beauty salon (with a nail bar), luxurious lounges and beautifully landscaped gardens.

The two developments are due to be completed by mid-2019 and will join the rapidly growing Hamberley Care Homes group, which already includes Caddington Grove, in Dunstable, and Newton House, in south Glasgow.

When open to the public the Oxford development will be known as Chawley Grove and the Badgers Mount site will operate as Halstead House.

In addition to these homes ,the group has a development pipeline of sites in Bracknell, Basingstoke, West Byfleet, Worcester, Ampthill, Hailsham, Enfield, Bedford and Camberley.  The group is also actively acquiring land and existing operating businesses and has over £300m of capital allocated for healthcare investment.

Hamberley is backed by real estate manager Patron Capital.

Tags : AcquisitionConstructionTarget Healthcare REIT

The author Lee Peart

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