A pair of former care homes in Romford, 177 Mawney Road and 179 Mawney Road, has been sold.

177 Mawney Road is a vacant six bedroom detached property previously leased to an emergency housing provider which benefits from an HMO licence. Similarly, 179 Mawney Road is a six-bedroom detached property leased to a supported living provider. To the rear of these properties is a development site that has planning permission for a two-bedroom bungalow-style dwelling. The properties are located on a residential road in Romford, East London.

Previously owned by Harpreet Johal, the homes have been sold to a real estate investment manager which was looking for long-term income in Romford and the surrounding areas and saw great value in these Mawney Road sites.

 “We were selling our portfolio properties due to an internal company reconfiguration,” said Johal. “By way of background, Paisley Amber Developments obtained planning to add value to the site, to increase site value so that it could be disposed of.”

 “An extensive marketing campaign resulted in two serious buyers entering a contract race to secure the opportunity,” added Christie & Co associate director Jordan Oborne, who handled the sale. 

“We’re seeing increased activity in the sale of smaller former care homes, these properties are often purchased by specialist care and rehabilitation operators, supported living and social housing providers, and children’s day nursery operators, which are often able to make higher offers than mainstream residential developers.”

177 and 179 Mawney Road were sold off an asking price of £1,450,000.