Octopus Real Estate

Octopus Real Estate completes three development transactions for care homes

Octopus Real Estate has completed three development transactions for care homes.

The property specialist has successfully sold two sites in Solihull and Ipswich, which had both received planning permission, along with securing planning for a new care home in Winchester.

The site in Solihull will see the conversion of the Grade-II* listed stately home Tudor Grange House into a 64-bedroom care home with 44 assisted living units.

The project — which is set within five acres of mature grounds — has been sold to care home specialist Macc Group.

Octopus Real Estate has sold the project in Ipswich — which will consist of 66-bedrooms —to a partnership between Greensleeves Charitable Trust (the Trust) and LNT.

The Trust will eventually operate the care home, while LNT has been contracted to develop it.

The 60-bedroom care home in Winchester will replace an existing care home which was no longer fit for purpose and had been rated poor by the Care Quality Commission.

The property specialist will work with Brendoncare to develop a facility with modern facilities.

Richard Dooley, director of the healthcare development team at Octopus Real Estate, said: “Delivering suitable infrastructure for the UK’s ageing population is central to the Octopus Real Estate healthcare team’s ethos and we are rising to the challenge of providing enough fit-for-purpose real estate to meet this growing demand.

“These latest deals underscore our ability to find new sites and deliver much-needed product by securing planning permission to optimise the value of land that’s ripe for development.

“Our expert team has successfully executed our business plan at the sites in Solihull and Ipswich and, therefore, made the decision to sell them on to two very capable operators.

“At Winchester, working with our partner Brendoncare, we are looking forward to applying our expertise to create a modern, state-of-the-art facility.”

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