The purpose-built 74 bed care home known as Iceni House in Swaffham, Norfolk has been sold to Target Healthcare REIT Limited and Norfolk Care Homes Limited.
Acting for the vendors, Zest Care Homes Limited, Bespoke Care approached a select number of parties with regards to this ‘off market’ opportunity. The sale was tightly managed and concluded within a few months.
Iceni House provides accommodation for 74 service users in generously proportioned single bedrooms with en-suite wet room facilities; spacious public areas; as well as activity rooms, hair-dressing salons and therapy rooms. The care home is located next to a large GP practice, two large supermarkets (Waitrose and Tesco) and is within walking distance of the busy market town of Swaffham.
Commenting on behalf of Zest Care Homes Limited Mr Philip Scott said, “Bespoke Care maintained discretion throughout the sales process adhering to our timeline requirements. We wish Anita Allen every success as she expands Bespoke Care in the future and we would not hesitate to recommend the firm to other healthcare companies considering a sale.”
The property has been acquired from Zest Investment Group, and leased to Norfolk Care Homes Limited on an existing 30 year lease with circa 23 years remaining. The Purchase Price represents an initial yield in excess of 7%. The rent payable under the lease is subject to an annual RPI-linked uplift, subject to a cap and collar.
The Group has invested in excess of £142 million (including acquisition costs) in its portfolio of care home assets.
Kenneth MacKenzie, Managing Partner of Target Advisers LLP, commented:
“We are pleased to announce the acquisition of this home, which is the 28th property acquired by the Group. It adds another operator, widening our tenant base, and provides a high quality of care in a welcoming environment. We have a number of other deals in advanced non-binding legal negotiations, and we expect to make further acquisitions in the near future.”