Funding secured for development in Ferndown
JLL’s healthcare team has secured an investment-grade tenant and sourced funding from specialist healthcare property investor, Octopus Healthcare, for a proposed new 75-bed care facility in Ferndown, Dorset.
Care UK will occupy the property, which will form part of a larger high-end residential development scheme currently under construction by Pennyfarthing Homes, from post completion in mid-2016 for a term of 35 years. The investor will benefit from annual fixed uplifts linked to RPI.
James Hanson, lead director at JLL Healthcare, said: “By working in conjunction with JLL’s Southampton residential team and its residential development client on strategy and delivery methods on this part of the wider development, we are delighted to have played a key part in procuring a new care facility in Ferndown. As a result of our combined efforts with Pennyfarthing, Octopus Healthcare and its legal teams, the deal completed in just three weeks – a record for the team and perhaps the market – and delivered a secured price of around £12m.”
Freddie Richards, healthcare investment surveyor at Octopus Healthcare, added: “The local demographics and setting make this a prime and highly-desirable care home development opportunity. We are delighted to have added it to our portfolio and to have extended our relationship with Care UK. JLL was instrumental in unlocking this opportunity for all parties and ensuring a smooth and quick transaction process.”