20 November 2020, London: Real estate investment company Aprirose is forward funding a £16.5 million care home that is being delivered by property investment and development company, NL Property.
The 72-bed care home in Bushey, Hertfordshire, is set over a 46,823 sq ft site and is due to complete in 2022 and will be leased to Quantum Care. The high-end development will include significant amenities such as a communal lounge, dining rooms on every floor, a cinema and hairdresser. The property’s design for wellness is enhanced by balconies, terraces and garden spaces on every floor.
Quantum Care is a not for profit company, which creates an environment for high quality care in sites that offer comfortable spaces and landscaped gardens. Founded in 1992, Quantum Care is providing care services for over 3000 people with a strong local focus on Hertfordshire.
Meenal Devani, Chief Investment Officer at Aprirose, said: “The acquisition of this care home development is reflective of our interest in the healthcare sector. The population over the age of 80 is set to double in the next thirty years, which is driving tremendous demand for high quality elderly care. This growth combined with a lack of quality stock makes care homes a compelling investment class. The alternatives space continues to be an area of interest to us and we will look for further investment opportunities in line with our strategy for our diverse portfolio.”
Recent research from global real estate adviser Knight Frank highlighted the need for investment into the UK healthcare property sector. Knight Frank identified a potential 6,500 care homes at risk of closure over the next five years, equating to 140,000 beds and estimated that the UK requires in excess of £15 billion to upgrade existing beds in order to future-proof for its ageing population. This comes as the share of people over the age of 80 is expected to surge in the next 30 years, with one in ten adults set to be over 80 by 2050, compared to one in 20 currently.