Planning permission has been achieved to construct an 80 bed residential care and nursing home on the site of 61-63 Albert Road, Southport. The site is situated in an affluent town which has become a popular retirement destination in the North of the UK.
The site is 0.85 acre plot with permission granted to construct a 5-storey purpose built, care home development. Each bedroom will have its own en-suite facilities and the specification of the home will comfortably exceed regulatory standards. Construction is currently underway and completion of the home is expected during mid-2017. A specialist care home operator with a strong footprint in the area intends to sign a long term lease to run the care home upon completion. The project is expected to generate an overall IRR of 20% with a planned exit in the second half of 2017 either through a sale of the completed property to a REIT or through refinancing of the debt with senior bank debt.