A 1.3 acre development site in Surrey has been acquired by the Trafalgar Property Group PCL on which it intends to build a new assisted living scheme.
The developer announced the deal last week in a statement that the money had been raised by Trafalgar Group’s Chief Executive Officer (CEO) Chris Johnson and an unnamed lending institution. Mr Johnson is reported to have financed a loan of £360,000 as part of this major acquisition.
The site includes a former nursing home with a value estimated to be in the region of £3 million.
The site already has planning permission in to develop a total of 37 units with the variation option to increase the number of dwellings by a further 15 units after demolition of all existing buildings is complete.
Factoring in the additional build, this would increase the GDV estimate to circa £21.2 million overall. As it stands the predicted gross development value is around £15.1 million based on 37 units.
Trafalgar Group PLC’s Chairman James Dubois said: “Having launched our assisted living strategy last year, it is a major milestone for the group to acquire its first development site. Demand is growing in the UK for specialised retirement housing and this is particularly pertinent given the fast-growing ageing population in the UK and current demographic trends.”
Mr Dubois commented: “Trafalgar’s assisted living offering directly satisfies the increasing preference for retirees to maintain a level of independence. Trafalgar recognises this trend and with a development timeline now in place, we are focused on having our first units ready for reservations in late 2019.”