Heath House was the conversion of a former care home into retirement apartments with 24/7 care onsite. The development also features onsite amenities including a gym, salon, cinema room, sun room, onsite concierge and guest family suite.
The strategy was to convert the building and then sell the retirement apartments to over 55’s.
Covid-19 caused the over 55 sales retirement market to virtually come to a halt. This is down to concerns from the vulnerable leaving their current residence.
As a result, we adapted the model to be an all-inclusive rental package as the feedback from buyers was that they’d be willing to rent in the current climate.
We’re now renting the apartments on 12 month AST’s so a commercial mortgage has been secured to retain the property and benefit from rental income (whilst we wait for the market to recover).
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