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THREE NEW BUILDS TAKE JMW’S CARE-HOME DEAL PORTFOLIO OVER £100M
The commercial property team at fast-growing law firm JMW solicitors has advised care-homes developer Castlemead Group on its latest venture – a £8 Million, 74-bed home due to open in Chester in 2015 as part of a mixed-use development.
JMW has helped the business to purchase the scheme from Morris Homes and, in a turnkey transaction, sell it to Sanctuary Housing Association, for which it will now complete the works.
The team is also acting for North-West care home operator Berrycroft Care, advising the business on two projects. The first, Beechwood Lodge, is a 64-bed new-build home in Rochdale opening in November this year acquired from LNT, and the second is a new £5m, 56-bed dementia home due for completion in 2015 for associated company Capstone Care to complement an existing care home, Walshaw Hall in Bury.
These are the latest in a string of deals that has seen JMW’s commercial property team advise a number of operators and developers on bespoke, new-build care-home projects worth in excess of £100 million.
Once developed out, they will deliver 781 new residential care beds across 14 separate sites around the UK – half of which will be in the North West.
The Castlemead development, which will adjoin the Countess of Chester Hospital, is the latest in a series of deals JMW has handled for the Group in the past 18 months, including new homes in Buxton, Bradford on Avon and Cheltenham together with a number of other on-going projects.
Richard Shackleton, managing director at Castlemead Group said:
“It has taken a good deal of persistence by all involved to get this development off the ground, but the hard work has been worth it and the home will be an important amenity for delivering dementia care in Chester.
“The efficient and expert advice we have received throughout the process by Thomas and the team at JMW has been invaluable.”
John Odell, chairman of Berrycroft Care, said:
“Both of these deals represent key milestones in our continued expansion in the North West care homes sector. New-build care homes are playing an increasingly important role in the sector, and we are committed to making high-quality care available for residents across the region.
“Thomas and the team at JMW understand our goals and their expertise has played a pivotal role in allowing us to complete these landmark deals for our business.”
Thomas Pearson, partner in the Commercial Property team at JMW, said:
“It’s hugely important for high-quality care facilities to be available to those who need them, especially those delivering dementia care and we are proud of the number of great facilities we are helping our clients delver, both developers and operators alike.
“The specialist expertise we have built in the team means we are well placed to work with businesses in the sector to help them achieve their vision of delivering innovative care facilities that will provide the vital care that our growing and ageing population needs.”
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Note to Editors
JMW Solicitors LLP is one of the leading Manchester law firms and offers a broad range of legal services to both commercial and private clients. We are committed to providing legal services in a cost effective and timely manner. www.jmw.co.uk