MedicX Healthfund has entered into an agreement for the development of a £6.95m, 65-bed care home complex at Box, near Bath.
The UK healthcare property investment fund has teamed up with Maria Mallaband Care Group and property developer Blueview Properties to bring forward Brunel House.
At practical completion, which is scheduled for early 2013, MedicX Healthfund will grant MMCG a 35-year lease on the property. This is the third such arrangement between MMCG and MedicX Healthfund.
Mike Adams (pictured), chief executive, said: “This acquisition demonstrates our continued desire to invest in best-in-class healthcare properties and operators. MedicX and MMCG share clear values in the delivery of high-quality healthcare environments in the UK.”
Charlie Tull, managing Director of Blueview, said: “We are delighted to have worked with MMCG, MedicX and Christie + Co to bring this high-quality development to Box.
“This development fulfils a need for dedicated elderly accommodation at the heart of the local community, as people move out of larger family houses but want to maintain local links, security and independence.”
Christie + Co advised on the transaction.
bridget.oconnell@estatesgazette.com
