The Belgian healthcare REIT is redeveloping and almost doubling the capacity of the care home which will be operated by Hamberley Care Homes.
Belgian healthcare Real Estate Investment Trust (REIT) Aedifica is to redevelop a care home in Wargrave, near Henley, at the cost of around £14 million.
The company describes The Mount, as “an outdated care home” that was “no longer fit for purpose”. The facility has been knocked down and is being completely redeveloped.
“This redevelopment will transform The Mount from a bottom five to a top five building within our UK portfolio,” says Bruce Walker, country manager of Aedifica UK. “Besides improving well-being and nearly doubling the capacity to 65 residents, the redevelopment also marks a major upgrade in terms of sustainability,” he adds.
The property is located in a village near Henley, 15 miles from Greater London. Redevelopment will bring the capacity of the site from 35 to 65 people. Residents will be accommodated in what are described as “spacious bedrooms” with en-suite facilities that are specifically tailored to suit the needs of seniors requiring residential care.
The Mount will be equipped with energy-efficient systems: air source heat pumps will provide sustainable, all-electric heating, while expansive rooftop solar power systems will supply the building with renewable energy.
Construction has started and is expected to be completed in the second quarter of next year.
Upon completion, the care home will be operated by luxury elderly residential nursing and specialist care home developer Hamberley Care Homes.
Aedifica said that the care home will be let on the basis of a new irrevocable 30-year triple net lease. Upon completion of the works, the gross yield on cost is nearly 7%, with an expected fair value gain on top of the cost of development at completion.
