Elevation Healthcare Properties (EHP), a real estate fund advised by Elevation Advisors has acquired land and a forward funding agreement to support the development of a new 62-bed care home in Buckingham, in partnership with an affiliate of Maria Mallaband Care Group (MMCG).
Once built, the home will be let to MMCG, a national private pay-led operator of more than 80 homes.
The property will provide en suite wetrooms and have the latest infection control technology to protect residents and staff. The property will be let on a long-term lease with RPI-linked escalator with cap and collar.
The property is part of a wider 70-acre development, which includes residential, commercial, education, recreation and healthcare, including a new GP surgery with up to 40,000 patients. The care home development will employ more than 20 individuals during development and construction and up to 80 members of staff once fully operational.
Hunter Drew, partner at Elevation said: “We are thrilled to expand our partnership with MMCG to include this second development. MMCG and Elevation are really excited to move to the next phase of the project.”
Chris Womack, development director at MMCG said: “Buckingham is a fantastic opportunity for MMCG and this location has been a key target for some time. We are delighted our partnership with Elevation will allow us to create an unrivalled five-star care environment to the local community.”
Date published: September 1, 2020