Pair of former Romford care homes sold off £1.45m asking price

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 which 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 Mr 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.

Mr Harpreet Johal comments, “We were selling our portfolio properties due to an internal company reconfiguration. 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.”

Jordan Oborne, Associate Director – Care at Christie & Co, who handled the sale, comments, “An extensive marketing campaign resulted in two serious buyers entering a contract race to secure the opportunity.

“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.

For further information on this press release, contact:
Phoebe Burrows, Corporate Communications Executive
P: 020 7448 8849 or E: phoebe.burrows@christie.com

Contact the agent:
Jordan Oborne, Associate Director – Care
P: 07736 615 870 or E: jordan.oborne@christie.com

Visit Christie & Co’s Business Search page to find out more about current care listings.