- Joint Venture Investments
- Property Portfolio
- Norwich, Norfolk, NR1
Heath House -
Norwich, Norfolk, NR1
In partnership with
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
This page has been prepared and published by Heath House
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