West London care home sold for £30m resi redevelopment

Belgian healthcare REIT Aedifica has sold its 64-bed Blenheim Care Centre in West Ruislip, north-west London, for a residential redevelopment. The site has been bought by a private north London-based residential developer, which will undertake a £30m redevelopment of the property, transforming it into a six-storey, 83-flat development. The sale comes just weeks after Aedifica added four UK care homes to its portfolio in a £61m deal. The business operates on a “strategic asset rotation” funding acquisitions with disposal proceeds. It has set itself a target of €100m (£83m) of divestments in 2024 and has so far offloaded 12 assets for around €75m. Nick Alderman, partner and head of central London land at Knight Frank, said: “This sale underscores the continued demand for well-located development opportunities in outer London boroughs. The site’s proximity to transport links and the positive pre-application makes it an attractive prospect for residential development, particularly given the strong demand for housing in the area. We anticipate this project will make a significant contribution to the local housing supply while regenerating a vacant brownfield site.” The latest filed accounts for Aedifica in the UK show that the group had 114 sites across the country in 2023, covering more than 3.3m sq ft and housing some 7,300 residents. The portfolio was valued at £920m and boasted a 22-year weighted averaged unexpired lease term.