OakNorth Bank completes £20.2m loan for East Yorkshire care village
OakNorth Bank has provided a £20.2 million loan to care home provider Park Lane Healthcare, to create Lavender Fields Care Village, three miles from the market town of Pocklington in East Yorkshire.
The site will compromise of a 72-bed care home offering full-time care, 24 close-care bungalows for married couples, partners or friends, an on-site licensed café and bar, cinema room, shops, and a wellness centre. All rooms will offer full en suite shower facilities and will all be at ground floor level, with views across open countryside or into landscaped courtyards.
Founded in 2005, Park Lane Healthcare is a family-owned care business providing care for the elderly across North and East Yorkshire and operating a portfolio of seven care homes.
Park Lane Healthcare stated that the facility from OakNorth Bank will also be used for developing more retirement villages next year and beyond.
Chris Mitchell, chairman of Lavender Fields, said: “Lavender Fields Care Village is a home from home, self-sustainable retirement community, lovingly thought through and currently being created to offer those who choose to live here a peaceful haven, away from the hustle and bustle of everyday life, but with everything on hand to enjoy a wide and varied social life. At Lavender Fields, our ethos is offering support when its needed, independence when craved and everything in between.”
Stewart Haworth, director of debt finance at OakNorth Bank, added: “Well-renowned and experienced care home operators such as Park Lane Healthcare, are in the perfect position to take advantage of the rise in demand for retirement villages. Chris has extensive experience in the care sector, having built a successful portfolio of seven care homes with strong operational performance so we’re delighted to be given the opportunity to help support their newest development. Due to our expertise across both property development and SME trading deals, we were able to create a bespoke facility that allowed Park Lane Healthcare to refinance its existing debt and develop its new site under one facility. With first-class care services, professionally trained staff and a beautiful semi-rural location, we envisage demand for the Lavender Fields Care Village will be high and we look forward to working closely with Chris again on future developments.”
Date published: November 9, 2021