Real estate fund Elevation Healthcare Properties has agreed forward-funding to support the development of three new care homes with Yorkare Homes.
The homes in Bridlington, New Waltham, and York are pre-let to Yorkare – a family-owned, regional operator and developer with twelve care homes in operation.
The new homes – comprising 190 beds – will incorporate the latest sustainable design and technology features, including solar panels and high-efficiency equipment for heating, hot water, and water fixtures. With these design features, Elevation and Yorkare are targeting EPC ‘A’ and BREEAM ‘Excellent’ ratings. Each home will provide around 70 new jobs.
Laurence Garton, development director at Yorkare, said: “We are delighted to be working with Elevation again as we continue to expand our portfolio of award-winning care homes. Our commitment to excellence in care has put us in the top two per cent of care home providers in the UK in terms of Outstanding CQC ratings, and these three new sites will enable us to expand our provision of high standard care environments for our residents, staff, and local communities. We look forward to working with Elevation as we continue to expand our operational footprint.”
James Giles, investment director at Elevation, said: “We are delighted to continue our partnership with Yorkare, who are an outstanding operator, with high-quality assets and exceptional care credentials. This transaction is testament to the successful alignment of EHP with its stakeholders, fulfilling the market need for high-quality elderly care facilities that make a positive contribution to their communities. We are excited to support Yorkare in the next phase of their growth and are delighted to welcome them to the EHP portfolio.”
Rory Addison, senior surveyor at Knight Frank, said: “Knight Frank were delighted to assist on this forward fund transaction of three future-proof luxury care homes leased to Yorkare, whose developments continue to be top of the range.”
