Real estate fund Elevation Healthcare Properties (EHP) has acquired land and agreed forward-funding to support the development of three new purpose-built care homes in Bridlington, East Yorkshire; New Waltham in New Waltham; and York.  

The homes are pre-let to Yorkare Homes on completion, a family-owned regional operator and developer with 12 care homes in operation – and a new operator relationship for EHP.

These homes will provide 190 beds in total and have been designed with features including solar panels and high-efficiency equipment for heating, hot water and water fixtures. These design features aim to help target an EPC ‘A’ rating for each of the assets and once completed, the homes will be certified under ‘BREEAM In-Use’ and are expected to achieve an ‘Excellent’ rating. 

Each of the homes will employ approximately 70 staff.

Laurence Garton, development director at Yorkare said: “Our commitment to excellence in care has put us in the top 2% of care home providers in the UK in terms of Outstanding CQC ratings, and these three new sites will enable us to expand our provision of high standard care environments for our residents, staff and local communities. We look forward to working with Elevation as we continue to expand our operational footprint.”

James Giles, investment director at Elevation commented: “This transaction is testament to the successful alignment of EHP with its stakeholders, fulfilling the market need for high-quality elderly care facilities that make a positive contribution to their communities. We are excited to support Yorkare in the next phase of their growth and are delighted to welcome them to the EHP portfolio.”

Rory Addison, senior surveyor at Knight Frank said: “Knight Frank were delighted to assist on this forward fund transaction of three future-proof luxury care homes leased to Yorkare, whose developments continue to be top of the range.”