THRL announced the completion of the acquisition of a development site in Wetherby, West Yorkshire and an exchange of contracts to acquire a pre-let home in Newtown for a combined transaction value of £17.1m (including costs).
The development site at West Yorkshire will be funded under capped development contract to create a 66-bed residential care home. It plans to complete it by early 2019. LNT Construction has undertaken the contract. THRL will let the property on a full repairing and insuring basis to LNT Construction’s sister company, Ideal Carehomes, for a 35-year occupational lease.
The home in Newtown, marking THRL’s first transaction in Wales, will offer 73 bedrooms over three floors, with en-suite wetrooms post construction. Upon completion, the property will be leased to a new tenant, Caresolve Operations Limited, for 35 years on a full repairing and insuring lease.
John Flannelly, Head of Investment at Target Fund Managers, commented: “The Ideal transaction sees the Group further extend its relationship with this long-standing tenant, whilst the Caresolve transaction welcomes an additional operator into the portfolio. We continue to progress other opportunities within our strong pipeline of potential acquisitions and expect to make more announcements in the near future.”