The home was bought by Target from the party who had developed it and built it to maturity, providing an exit for them to allow funds to be deployed on further developments.
At the same time, our operating partner acquired the trade of the business, transferred staff to their company and registered the home with the Care Inspectorate.
The rent was set at a level which was supported by the home’s previous trading, allowing for a degree of prudence. This allowed Target to balance sustainable rent along with pricing expectations of the vendor.
An established and well-respected operator of premium care homes across the UK.
The operator is an existing partner with Target, successfully operating two other homes under lease from us.
They identified an established high-quality home which they were keen to operate. We both were keen to work together on further homes, and this provided a great opportunity to do so.
The property has 74 large bedrooms, all with en-suite wetroom facilities, across a total of six distinct households. Each household has its own public spaces and facilities. Upstairs lounges have access to south-facing balconies. Each room is fitted out to the highest possible standard.
The top floor of the property is entirely dedicated to socialising, with lounge and bar area, private dining room, cinema room and a large outdoor terrace, all adding to the luxurious nature of the home.
The building provides over 65m2 per resident, creating ample light and space - fully matching Target’s ethos of acquiring homes which will enhance resident wellbeing.
Large south-facing gardens further contribute to the overall presentation of the home.
The home is situated near the centre of Edinburgh, a prosperous city with good average house prices and a strong demand for private-pay care beds.
The location brings fantastic transport links with the surrounding area, being situated on bus and train routes as well as a main route.
Despite this, the home is in a peaceful setting overlooking playing fields and across the south side of the city to hills beyond.