BNP Paribas Real Estate (BNPPRE) has successfully sold a freehold development site in Preston on behalf of Glenholme and Eric Wright Group to care home developer and operator Simply UK for over €1.9m (£1.6m). The site on Navigation Way is positioned adjacent to Preston Marina and comprises circa 1.71 acres with planning permission for the development of a 64-bedroom care home and 16 supported living apartments. It consists of a former restaurant building which was demolished by the seller in summer 2021 and a surrounding car park.
Alex Willis, Senior Associate Director, Development Consulting at BNP Paribas Real Estate commented: “This sale demonstrates the strength of the care home and supported living market for well-located assets in proximity to key amenities. In an ageing population, these development sites are increasing in demand as investors seek to capitalise from the projected growth of the sector. It was a pleasure working with Glenholme, Eric Wright and Simply UK.”
Neil Dobbie, Land Director at Simply UK added: “The development of our state of the art care home is well under way together with the supporting extra care apartments. It will be operated by Morar Living, our sister brand, and will bring the highest quality environment and facilities for our residents. We believe the Marina location provides an excellent living environment for them and we look forward to welcoming our first residents in the spring of 2023.”
