Castleoak’s development team acquired the site, secured planning permission and completed a pre-let to Barchester Healthcare on a 35-year index linked lease. The property is owned by the CarePlaces Fund, a partnership between fund manager Bridges Ventures and Castleoak. Once construction is complete, property and asset management services will be provided by Castleoak.
Simon Ringer, Partner and Head of Property Funds at Bridges Ventures, said: “Castleoak’s extensive experience of care developments has added value at every stage and I’m looking forward to seeing the completion of what will be a top quality care home.”
Richard Smith, Development Director at Barchester Healthcare, added: “Construction has progressed very well and the new care home is really taking shape. The topping out ceremony is an exciting milestone which brings us one step closer to completion.”
The care home, which will open Autumn 2015, will have a wealth of facilities, including a Memory Lane Community for dementia care, a café, hair and beauty salon, and sensory gardens. As well as providing top-quality care services in a purpose-built environment, it will create around 100 jobs for local people.
Castleoak’s Chief Executive, Mel Knight, added: “This care home is our twenty-fourth for Barchester Healthcare and the eleventh to be funded by the CarePlaces Fund, a partnership between Castleoak and Bridges Ventures. With the roof complete, I’m delighted to see it enter the final phases of construction.”
Over the last 13 years Castleoak has built the equivalent of more than 1,500 care beds for Barchester Healthcare.
The construction site for the care home is one of only four sites in Wales to be selected to participate in Constructing Excellence in Wales’ pioneering ‘Enabling Zero Waste’ research project. By working with Castleoak’s construction team, Constructing Excellence in Wales aims to establish if, and how, the construction industry can achieve zero waste to landfill.