MedicX Healthfund, the UK healthcare property investment fund, has announced that it has agreed to fund the construction of a new 74-bed care home at Cheswick Village, North Bristol.
The property is being developed by Castleoak, a specialist care development, design and build group. Work has started on site and at practical completion, a 35-year lease will be granted to Barchester Healthcare. The high specification, premium care home is arranged over three floors and will provide quality personal and nursing care for older people, including those with dementia.
Cheswick Village is a new community of approximately 1,400 residential units, located on land formerly known as Wallscourt Farm, south of the University of the West of England (UWE).
The new neighbourhood, which is being developed in seven phases, is due to be completed in 2015. Once finished, it will incorporate a new primary school and a new local centre containing a convenience store, a GP surgery, a nursery and a gym.
The new care home forms part of the Aurora Spring phase, which is located south of Long Down Avenue, within the City of Bristol boundary.
Mike Parsons, Founder and Chief Executive, Barchester, said:
“We are very proud of all our homes and believe Cheswick Village provides a clear opportunity to deliver a high quality care environment. Barchester is a company that has never lost sight of its principles and is a byword for the highest quality care. We work hard to grow each community with residents and staff to ensure every one of our properties becomes ‘a home’.”
Melville Knight, CEO, Castleoak, stated:
“Castleoak has worked with Barchester for many years, utilising our combined experience in care home development and operation, to deliver state of the art buildings for the provision of first class care.”
Tim Meggitt, Chief Operating Officer, MedicX, commented:
“I am delighted to announce this addition to the MedicX Healthfund portfolio. We are committed to working with first class operators and investing in best-in-class healthcare properties. This may be the first agreement between MedicX, Barchester and Castleoak but it is clear that we all share a common focus in the delivery of high quality care environments.”
Photo: Redrow’s Aurora Spring development at Cheswick Village, North Bristol. The new care home will be sited on land behind the showhome.
