Two care homes sold to two established groups through Christie & Co
Hillcrest Residential Home and Ferndene Care Home, located in Alnwick, Northumberland and Gainsborough, Lincolnshire, respectively, have been sold through specialist business property adviser, Christie & Co, each to different, established care groups.
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Having been converted into a care home for the elderly in the 1990s, Hillcrest is registered for 52 residents and provides nursing and dementia care. The three storey property, which was built in the 1800s, has been sympathetically restored, extended and maintained over the years, offering lift access between floors, and features gardens to the front and rear, accessible by a sweeping driveway. Located in the affluent and picturesque town of Alnwick, the home is situated close to the town centre.
Ferndene was purpose built in 2010 and is registered for 48 residents for nursing, dementia and residential care, comprising 48 single en suite bedrooms, five lounges and a hair salon arranged over two floors. The site also provides a large car park to the front of the property and a garden area to the rear.
Hillcrest was purchased by Malhotra Group, an established local operator with 12 sites across the UK, adding to their high quality portfolio. Martin Greenwood, Group Finance Director at Malhotra Group comments, “Julie Kitson at Christie & Co acted in a very professional, prompt and helpful manner in the sale process of Hillcrest Care Home. Although she was acting on behalf of the vendor, it was her insight into the home’s dynamics and location that was integral towards a successful transaction. This enabled us to complete the acquisition quickly, and in turn also enabled us to liaise closely with the home management and staff so they felt engaged with us in the process. The purchase went through smoothly.”
Group operator, Monarch Healthcare purchased Ferndene, adding it to their portfolio of 11 sites located across the Midlands, offering both nursing and residential care. Hiten Shanghavi, Director of Monarch Healthcare comments, “I would like to thank Christie & Co for all the support and advice during the whole transaction process. The team, especially Julie Kitson, was extremely attentive and no request was too small.”
Julie Kitson, Director at Christie & Co’s Newcastle office, who handled the sales, comments, “Acting on behalf of a corporate operator who was looking to dispose of a portfolio of seven homes, it has been a pleasure to assist both Malhotra Group and Monarch Healthcare in their purchases. These sales confirm the buoyant market throughout the north of England and confirm that there are plenty of buyers looking to acquire. Both deals had a short timescale to work towards and with a good team of lawyers on each side, made the job possible.”