Manchester-based New Care has completed on a series of deals worth £50 million involving four care homes, in Sale, Lytham, Chester and Nottingham.
The deals see two new build projects hit site, detailed planning permission granted for another, and a sale and leaseback arrangement entered into on a recently completed home.
Building is well advanced on a 57 bed care facility in Sale, known as Ashland Manor. Funding was secured from HCP, an institutional fund based in USA.
In Lytham, New Care 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.
Completing the trio of new care homes is Chester, where planning consent has been granted for a £15 million 77 bed care facility. Funded by bank debt, construction is due to start in July.
The £12.5 million sale and leaseback arrangement to Octopus Healthcare is of the company’s recently completed 82 bed flagship care home, known as The Grand, located in West Bridgford in Nottingham.
New Care, part of the McGoff Group, will be working with principal contractor McGoff & Byrne, also part of the Group, at each of the three new care homes.
Chris McGoff, ceo at New Care, said: “As part of the McGoff Group we have a unique ability to identify and acquire sites, design purpose-built care facilities, manage the planning process, build, operate and then maintain our care homes. Not only does this one-stop-shop approach naturally de-risk the funding process of our developments by creating stakeholder alignment via removing disconnected parties, such as arms-length consultants and contractors, but it is also creating untold efficiencies through our ability to value engineer projects at every step of the process. Our unique offering has resulted in a surge of investment interest from various lending institutions and we hope to capitalise on our strong track record and our growing brand as we take the Group further.
In April 2015 New Care opened The Grand Care Centre, a ‘new generation’ expertly designed 82 bed care facility in West Bridgford. In the same year, the company sold two of its care homes in Greater Manchester, Manorhey and Allingham House, to the Maria Mallaband Care Group, backed by HCP.