North Bay Group has secured a £13.3m facility from Paragon Development Finance to fund the delivery of a new purpose-built care home facility in Chester.
The loan provided an initial advance against the land and will support the full development of the 75-bed scheme on Boundary Lane, including construction and fit-out.
All bedrooms will be fitted with private wet rooms with North Bay Group targeting an EPC A rating for the development, which is expected to complete in late 2027.
Adrian Reeves, senior relationship director at Paragon Development Finance, said: “Delivering modern, fit-for-purpose care homes is critical to meeting growing demand in areas with an ageing population. Chester and the wider Cheshire region demonstrate clear long-term demand fundamentals, supported by population growth and a rising proportion of older residents. North Bay combines development expertise with an established operating platform, which is a strong foundation for schemes of this scale. We are pleased to support this first transaction, with more in the pipeline, and look forward to building on this relationship.”
Richard Hoggart, CEO of North Bay Group, added: “This development represents another significant milestone for North Bay Group as we continue to expand our portfolio of high quality care homes across the North of England. Chester is a location with strong demographic demand and an increasing need for modern, purpose-built care environments.
“With our fully integrated model of developer and operator we ensure we are developing highly sustainable care homes with renewable energy and Solar PV achieving a high grade EPC A. This scheme is a strong example of our long-term commitment to delivering facilities in communities where demand for quality care continues to grow.
“We are delighted to be working with Paragon Development Finance on this project. Their understanding of both the development and operational aspects of the care sector has helped create a funding solution that supports our ambitious growth plans, and we look forward to building on this relationship as we bring forward further schemes in the future.”
Joanne Fogg, managing director of Highgate Care, said: “The Chester development represents an exciting next chapter in Highgate Care’s continued growth and our commitment to expanding into areas where demand for high quality residential, nursing and dementia care is increasing. As we grow, our focus remains on delivering exceptional care environments that place residents, families and communities at the heart of everything we do.
“Our ethos that ‘kindness is key’ underpins every aspect of our homes, from the quality of care we provide to the welcoming and supportive environments we create. We are looking forward to bringing that approach to Chester and providing a care home that will support local families for many years to come, while helping to address the increasing need for high quality care provision across the region.”
