Salmon Harvester Properties has bought a 23-acre site in High Wycombe, Buckinghamshire, at present used for bible translation, to turn into care homes.
The investor and developer has formed a joint venture with Rock Care Partnership to turn the site into a £40m, 156-unit supported living community.
Salmon Harvester paid Wycliffe Bible Translators £5m for the site, which includes the 120,000 sq ft Wycliffe Centre.
A planning application for the development will be submitted next month and, subject to consent, construction will begin in early 2014, with completion a year later.
Salmon Harvester chief executive Doug Stewart said: “This will be our first development in the assisted living sector. We can see a powerful demographic rationale for this development.”
Jones Lang LaSalle acted for the buyers.
? Speaking at the Estates Gazette Alternative Assets Summit this week, CBRE executive director of specialist markets David Batchelor said the alternative sector, including retirement villages, would be seen as core within the next 10 years.
Nick.whitten@estatesgazette.com
