Three deals for Octopus
July 18, 2019
Octopus Real Estate, part of the Octopus Group and a major investor in healthcare facilities throughout the UK, has completed three development transactions, with two sales and one acquisition.
The disposals come after the Octopus Real Estate development team secured planning permission for the development of two care homes on sites in Solihull and Ipswich. The land sales allow new specialist operators to take these projects forward while at the same time allowing Octopus Real Estate to realise value for investors.
Having secured detailed planning permission to convert Tudor Grange House, a Grade-II* listed stately home in Solihull, into a 64-bed care home with 44 assisted living units, Octopus has sold the project to care home specialists, Macc Group. Tudor Grange House, which was previously owned by the Bird’s custard family, is set within five acres of mature grounds and is close to a number of major retail hubs, Solihull railway station and Solihull hospital. Octopus Real Estate was represented by Carterwood on the Solihull deal.
The second sale was of a site in Ipswich where Octopus secured planning permission for a 66-bed care home. It was acquired by a partnership between Greensleeves Charitable Trust (the “Trust”) and LNT. The Trust, which will eventually operate the care home, has contracted LNT to develop the project.
Alongside these disposals, Octopus has secured planning permission for a 60-bed care home in Winchester. The development will replace an existing care home, which was no longer fit-for-purpose and had been rated ‘Poor’ by the Care Quality Commission. Octopus will work with Winchester-based charity, Brendoncare, to develop a market-leading facility for the area with modern facilities.
“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,” said Richard Dooley, director of Octopus Real Estate’s healthcare development team.
“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.”