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Development Background
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.
Strategy
The strategy was to convert the building and then sell the retirement apartments to over 55’s.
Outcome
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).
Further Information
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JaeVee is a trading name of Estateducation Ventures Ltd, registered in England & Wales with company number 10172481.
The registered office of the company is Studio 9 Netherconesford, 93-95 King Street, Norwich, NR1 1PW.
Estateducation Ventures Ltd (10172481) undertakes both regulated and unregulated business. Business activities described in the ‘Invest’ section of this website are considered regulated business. All other sections are considered unregulated. Note that senior debt and mezzanine finance is arranged by Teal Finance Ltd (registered in England and Wales no. 11305739), which is authorised and regulated by the Financial Conduct Authority (No. 923626).
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