A joint venture between property development company Barcroft Estates and an unnamed global investment company have purchased a 70-bed care home scheme in West Malling, Kent, for an undisclosed sum, from real estate investment and development firm Barwood Capital, and Perseus Land & Developments.

The scheme has been pre-let to a not-for-profit care provider which supports older people through registered nursing and dementia care homes. The facility is intended to offer residential care and dementia-specific care.

The cleared 1.67-acre site was purchased in 2020 through the Barwood Regional Property Growth Fund IV. Planning permission was secured in October 2022 from the Planning Inspectorate.

Barwood’s head of fund management Andrew Barlow said: “Our collaboration with Perseus is enabling top-tier accommodation for older people at a time when the market is severely lacking the right supply. We anticipate that the care home and senior living sector will keep growing as the market evolves and the UK’s population ages in the coming years.

“Perseus’ specialised knowledge in the field has enabled us to identify opportunities that benefit local communities and generate employment, while offering appealing returns for our investors.”

William Chambers, acquisitions director at Perseus, added: “We have been on a long journey with this asset from winning the consent at appeal, experiencing the issues and aftermath of Covid-19, followed by the inflationary pressures and challenges in the economy and property sector. We persevered and this sale concludes the successful business plan for Perseus and Barwood.”