Retirement living developer McCarthy and Stone has launched a £100m land acquisition fund as it seeks to redevelop sites occupied by residential care homes, GP surgeries and other medical premises.
McCarthy and Stone plans to identify at least 60 sites over the next year that are suitable for the development of new retirement communities.
The company said it wants to work with care home operators who are looking to repurpose premises or sell surplus land.
It is on the hunt for land between 0.5 to 5 acres on central brownfield locations, ideally with level access to shops, and in a prominent location close to the high street or to local amenities, it said.
McCarthy and Stone will consider every type of land deal, whether unconditional purchase, conditional contract or option agreement, it added.
“We believe our land acquisition fund has the potential to yield long-lasting knock-on effects for the health and social care sector, not least because the regeneration of brownfield sites will free-up capital for operators, business owners and medical practitioners looking to reinvest in growth and create jobs,” said chief executive John Tonkiss (pictured).
“We now need new land, and lots of it, in order to satisfy this vital initiative. With generous commissions available for the right sites, I would urge landowners to submit their introductions directly to us without delay. They will be treated in the strictest confidence,” he added.
