Connaught Care and Halebourne Care have secured an £11m loan from Octopus Real Estate for their joint development of a 71-bed care home in Bedhampton, Hampshire.
The property is currently a cleared 1.6-acre site that benefits from full planning permission to build a new care home over three levels featuring a hair salon, café, cinema, library, activities room, private dining on the ground floor and a gym on the second floor.
Development of the Forty Acre Farm care home has kicked off prior to completion of the deal, and construction is due to be completed in early 2023.
Connaught Care founder and chairman Seamus Halton said: “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.
“I’m delighted that Octopus has funding that enables us to finance developments like Bedhampton with unique parameters, including the ability to commit less of our own capital. The process with Octopus was incredibly streamlined, with the period from agreement to drawdown only taking three months,” he added.
Andy Scott, head of residential development at Octopus Real Estate, said: “This deal has benefitted from strong collaboration between Octopus Real Estate’s development lending and care homes teams, which uniquely positions us in the care homes space.”
