Barwood Capital and partner Perseus Land & Developments have completed the sale of a 70-bed care home development in West Malling, Kent, to a joint venture between Barcroft Estates and a global investment company for an undisclosed sum.
The scheme, which will be built on a cleared 1.67-acre site close to West Malling railway station, has been pre-let to a not-for-profit care provider which supports older people through registered nursing and dementia care homes.
Barwood Regional Property Growth Fund IV purchased the site in 2020 and planning permission was secured in October 2022 from the planning inspectorate.
The care home will be built to achieve an EPC A rating, BREEAM Very Good and will be net zero in operation enabled.
Andrew Barlow, head of fund management at Barwood, said: “Our collaboration with Perseus is enabling top-tier accommodation for older people at a time when the market is severely lacking the right supply. We anticipate that the care home and senior living sector will keep growing as the market evolves and the UK’s population ages in the coming years. Perseus’ specialised knowledge in the field has enabled us to identify opportunities that benefit local communities and generate employment, while offering appealing returns for our investors.”
William Chambers, acquisitions director at Perseus, added: “We have been on a long journey with this asset from winning the consent at appeal, experiencing the issues and aftermath of Covid-19, followed by the inflationary pressures and challenges in the economy and property sector. We persevered and this sale concludes the successful business plan for Perseus and Barwood. We wish the new operators and Barcroft every success with their future care home.”
