Octopus Real Estate completes £11m loan for Bedhampton care home

Octopus Real Estate - Bedhampton

Octopus Real Estate has provided an £11 million loan on a ground-up development of a 71-bed elderly care home in Bedhampton, Hampshire.

The property is currently a cleared 1.6-acre site with full planning permission to build a new care home over three levels, due to be completed early next year.

In addition to residential accommodation, the development will include a hair salon, café, cinema, library, activities room, private dining on the ground floor and a gym on the second floor.

The developers are Halebourne Group and Connaught Care Group.

Seamus Halton, founder and chairman at Connaught Care Group added: “I’ve been in the care home development industry for over 25 years and for much of that time there have been extremely limited routes to funding our developments. Having non-bank lenders with deep sector experience, like Octopus, in the market is transformative.”

Craig Griffin, founder and chief executive at Halebourne Care Group said: “This is my second care home funding with Octopus, having very recently just completed a successful forward-funded 80-bed care home project in Berkshire. We are actively pursuing several further opportunities nationally and look forward to the prospect of Octopus Real Estate funding these when live in the future.

Andy Scott, head of residential development at Octopus Real Estate, said: “This development is a great example of our sector working together to continue to address the significant supply-demand imbalance for modern purpose-built care homes. Designed to deliver the highest quality levels of care, it also supports Octopus’ commitment to continue investing in and developing best-in-class specialist properties in the care home space.”

Financial services intermediary SPF Private Clients brokered the deal.

Date published: January 19, 2022

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