News
Blackfinch Property loan finances new Dartmoor home
Blackfinch Property has announced the official completion and opening of Moorland Garden Nursing Home. Located in Dartmoor, Devon, the former Moorland Garden Hotel was developed into a nursing home courtesy of £5.3 million development loan.
The new home features 55 en suite rooms, many with views overlooking the Moor. The home will boost local provision for dementia and nursing care while creating 60 jobs. The loan-to-value (LTV) ratio for the investment was 69 per cent, with an exit strategy that refinanced the completed and operational care home onto a long-term debt facility. Blackfinch Property investment manager Ian Ford said: “It was a pleasure to work with Moorland Garden Ltd on this development to provide much needed nursing home capacity
in this stunning area. It’s a great example of the sustainable and community focus that drives our investments. “The situation in the care sector in the UK
is very challenging, and the 2022 figures from CSI Market Intelligence reveal that 247 care homes closed during 2022 and only 123 new ones opened – leaving the sector with a net loss of 124 homes and 230 care beds. Every new care home that opens is significant and a welcome boost to the sector – and we are thrilled we can be part of opening a care home in such a remarkable area, helping boost local healthcare and create local jobs at the same time.”
Yogi Yogendran, director of Moorland Garden Ltd, said: “We were really attracted to the property since the majority of the rooms have garden views and extended views out to the moor, which is the perfect care environment. We are delighted to complete and officially open and look forward to welcoming our first residents into our home. “Creating a luxury care home on the site
has involved making major internal changes to enable larger residential space, and we have also extended existing buildings. We are really pleased with the skills and commitment of local contractors and are looking forward to hiring a significant number of local professionals to provide care for our residents in a great environment.”
Untold Living plans 139-home Eastbourne retirement scheme
Later living developer Untold Living has submitted plans for a 139-home integrated retirement community (IRC) in Eastbourne. In November, backed by Matter Real Estate, Untold Living completed the acquisition of a 2.5-acre seafront site at Sovereign Harbour in Eastbourne from Birch Limited. Subject to planning consent to Eastbourne Borough Council, the IRC will comprise a range of one and two-bedroom apartments overlooking the English Channel. Designed by architects Gaunt Francis, the scheme will provide high-quality, independent later living accommodation. Homes will be available across a range of different mid- market tenures, including to buy, for rent, and purchase via shared ownership. Untold Living CEO Russell Jewell said: “The
February 2024
www.thecarehomeenvironment.com
urgent need for more purpose-built later living accommodation in the UK cannot be overstated, particularly in East Sussex, where the population of over-70s is growing more quickly than the national average. “Many thousands of older people are living in accommodation that is wholly unsuitable to their needs, which poses a serious risk to their mental and physical wellbeing.
“Our Eastbourne scheme will not only offer round-the-clock care and support to residents when needed but also relieve pressure on local health and social services by lowering the frequency of residents’ hospital and GP visits. “We are grateful to the people of Eastbourne for all of the valuable feedback we have received so far and look forward to announcing further details in due course.”
New owner for Suffolk village care home
The Briars Residential Care Home in Glemsford, Suffolk, has been sold to an established local operator. Occupying a period property with substantial, modern extensions, The Briars is registered for 17 residents. The home is located in the picturesque Suffolk village of Glemsford. Following a confidential sales process with Rosie Turner at Christie & Co, and with funding sourced through Ashley Clements at Christie Finance, the home has been purchased by existing operator Kay Naidoo, who has another home in the region. Rosie Turner, senior business agent – care at Christie & Co, said: “I am delighted to have worked on the sale of The Briars which has enabled the owner to sell after years of dedication and hard work. We ran a confidential marketing process which received a good level of interest due to the home’s profitability and CQC rating. The buyer, Kay, stood out due to his experience within the sector and locality to the home. I look forward to seeing Kay grow his group. “This is another great example of the demand that exists for smaller homes and highlights the importance of using the right funders, brokers, and solicitors. This deal ran extremely smoothly, and we turned it around in a great time frame. While there are additional challenges within deals, such as the interest rate rises and wider economic factors, signs still point towards a positive outcome for smaller going concerns within the region. Ashley Clements, finance consultant at Christie Finance, added: “It was a pleasure working with Kay to secure a competitive funding package for his latest acquisition in the care sector. The funding market can be challenging when expanding your business, with lenders having repositioned their appetite/policy in recent years. Our whole-of-market approach allowed me to source a selection of offers for Kay to consider, which was a key part of the process of finding the right lender.”
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