Luxury care home company Hadrian Healthcare has agreed to sell two North homes for £50m – before they’ve been built.
The Gateshead based business took the decision to expand its care home portfolio last year, after selling five homes in a record-breaking deal £100m-plus deal in 2019 – a transaction which marked the fourth buyout founder Ian Watson had completed over 16 years.
The company distinguishes itself from the competition by building homes designed to look and feel more like five-star hotels for its residents, with services to match alongside its healthcare provision. Facilities include restaurants and cafes, cinemas, hair and beauty salons, in-house chefs, gardens and chauffeurs.
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Following the deal with Aviva, the company has been working on two North Yorkshire sites, representing an investment of £27m, with long-standing contractor Walter Thompson carrying out construction.
Its £15m care home in Skipton sits alongside Skipton canal and will come complete with its own canal boat. The home will have accommodation for 92 residents, including 12 independent living suites where residents will have their own private front doors. The home will also have its own dining and bar area, gardens and first and second floor terraces with views across the town.
Meanwhile in Leeds, the firm spent several years on plans before gaining planning permission to build a £12m home under the Manor House brand in the Roundhay area, for 67 residents.
Once the homes are complete, they will be handed over to new owners Anchor Hanover, who approached Hadrian Healthcare with the offer after being impressed by the company’s work to date.
Chairman Ian Watson said: “We’ve broken through the ceiling again when it comes to quality, at both sites. It was not our intention to sell but had an unsolicited offer for the two homes from Anchor Hanover, the company which operates the homes we sold in the £100m-plus deal to Aviva before the pandemic.
“They offered £50m for the two homes - and, bearing in mind also that these are as yet non-trading assets, we have broken our own record for the amount paid per paid. So the sale will be made on completion, when we finish the work and hand the keys over.
“From our point of view we are very pleased. We are pleased the assets are in good hands - they are good operators who share our core values.”
As well as working on the homes in Skipton and Leeds, Mr Watson, who was awarded an OBE in the Queen’s birthday honours last June for services to philanthropy and to charity, said progress was being made on two projects closer to home.
The firm is extending its 46-bed Manor House home in Gosforth, adding 14 new suites, with a first floor garden area. Eight of the new suites will offer independent living facilities. Meanwhile in Whickham the company is spending £750,000 on a full refurbishment.
Hadrian Healthcare was advised by Hugh Welch, Matthew Walsh and Gail Bennett of Muckle Solicitors LLP, as well as Stuart McKinnon of RSM. Principal advisor was Julian Evans at Knight Frank.
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