Funding / Real Estate
INVESTING Individual Investor Financial Adviser Institutional Investor FUNDING Entrepreneur Real Estate
Reading time: 2 mins

Octopus Healthcare to fund care home development in York for growing care home portfolio

25 Sep 2018 By Octopus Real Estate

Octopus Healthcare is delighted to announce the completion of a new deal to fund the construction of a 64 bedroom care home in Fulford, York. Using in-house development expertise, Octopus Healthcare secured the land and planning permission for the £11m care home development, which will be forward funded by the Octopus Healthcare Fund.

Award-winning McGoff Construction will deliver the development for Barchester Healthcare to lease and operate at completion. The state-of-the-art care home will replace an old facility at Fordlands, York, and the McGoff team have worked closely with Octopus Healthcare, Barchester and the City of York to design a suitable scheme that is sympathetic with the surrounding areas.

Barchester understand and support Octopus Healthcare’s mission of creating exceptional care homes that you would choose for your loved ones. Barchester run over 200 care homes across the UK and have more than 25 years’ experience in the sector, where they have demonstrated their commitment to consistent and quality care.

Declan McGoff, Operations Director at McGoff Construction, comments: “We are once again delighted to be working with Octopus Healthcare and Barchester to deliver a stunning, state-of-the-art 64 bedroom care home in Fulford. We are already working on similar projects for Octopus and Barchester in Melbourn, Cambridgeshire and for Barchester in Eastbourne and Denmead with others to follow in the coming months, so to add York to the portfolio is great news. We find both organisations very professional and a pleasure to deal with.”

Octopus Healthcare are confident that the partnership with Barchester will create a beautiful space for those in need of support and care. The 64 bedroom care home will be arranged over three floors, and built to traditional construction methods by McGoff Construction on piled foundations with a part basement for plant. The eternal façade has been specifically designed to reflect York’s architectural heritage, incorporating red facings, timber cladding, timber window and doors as well as slate-style roof coverings. The building will be aesthetically attractive with a carefully considered, practical and spacious internal layout.

Richard Dooley, Development Director at Octopus Healthcare, said “This genuinely was a team effort in obtaining the planning permission for the development. We worked closely with the local authority and local community to design a much needed facility for the local area. Our professional team worked diligently to really make sure that we are creating a great future for the health population of Fulford. This is a great example of how we can add value to our operator partnerships securing sites and planning.”

“We are delighted with this acquisition for Octopus Healthcare Fund,” says Freddie Richards, Investment Director at Octopus Healthcare. “We carefully select our partners to make sure we’re teamed up with operators and developers who truly understand what best in class elderly care looks like. Both Barchester Healthcare and McGoff Construction have an enviable track record in the sector and needless to say we are delighted to be partnered with them here.”