Octopus Real Estate recently provided a £1.7m loan for the purchase of a two-acre Hampshire site with planning permission for a 60-bed care home.
In addition to the care home, the planning for the site in Odiham includes consent for the construction of 30 residential properties on adjoining land.
The borrower is part of the Aspire Group, and this marked their twelfth loan with Octopus.
The loan has now been redeemed with the sale of the care home site to Barchester Healthcare. Barchester is an independent care provider, running over 250 care homes across the UK.
James Nunn, commercial fund manager at Octopus Real Estate, said: “As an experienced investor in care homes as well as a lender, we were uniquely positioned to support the Aspire team with this loan. It’s been really satisfying to join the dots between the Octopus Real Estate teams and work together to get this one over the line.”
Aspire Group MD Michael Lucas said: “We know that there’s pent up demand for care homes in this area, so we are very proud to play a significant part in delivering these vital beds for older members of the community. The residential portion of the site will also deliver 14 much needed affordable homes to the area.”
Julian Burgess, land buyer at Barchester, added: “Barchester Healthcare are delighted to be involved with this project, which will deliver a state-of-the-art care home to help service the massive need for care beds in the area.”
