Puma Property Finance provides £20m loan facility to fund new care homes in Reading & Surrey
CGI image of the care home in Whitchurch, Reading
Puma Property Finance (“Puma”) today announces it has facilitated £20m in loans (£13 and £7m) to Zephyr X to deliver two new care homes in the South-East. Both schemes will provide new build homes in locations with significant shortfalls in care beds – Reigate, Surrey and Whitchurch, Reading.
The £13m loan will deliver an 80-bed all electric new care home in Reigate, Surrey, the site of a former independent hospital. The new home will include amenities such as a hairdresser, cinema/entertainment room, private dining room, café area and a gym. With 100% wet room provision the new home will address the significant shortfall in the well populated Reigate area with only 25% of the existing supply having been built since 2000 and a 474 wet room shortfall1. Construction is underway and the care home is expected to reach practical completion in December 2025.
The £7m loan will deliver a new 45-bed care home in Whitchurch, Reading to address significant demand in the area. In particular, there is a notable shortfall in ensuite wet rooms, with only 29% of the existing supply providing this product. The new care home is being built in a well populated area where the demand for care beds exceeds 800 per 100,000 people1. The home will offer all ensuite wet rooms, plus extensive amenities for residents including lounges, dining rooms, therapy room, hair salon plus a café/bistro. Construction is progressing and the care home is expected to reach practical completion in January 2025.
Puma has now supported Zephyr X on four care home developments.
Tony Throp, Director and Head of Healthcare at Puma Property Finance, comments:
“It is more important than ever that we address the chronic undersupply of quality care beds across the UK, with 144,000 additional care homes2 needed to meet population growth in the next 10 years. Well-designed healthcare developments are essential to meet this shortfall and we are delighted that through partnering with Zephyr X we can support the construction of two new care-homes.
“Both schemes will address the significant need for care beds in these micro locations, for example in Whitchurch and the surrounding areas there has been just one new scheme built in the last 13 years and 60% of the total stock built over 18 years ago. We have a long-standing relationship with Zephyr X, having worked with them on previous developments and this is a great opportunity to continue building on this relationship.”
Adam Faulkner, Founder, Zephyr X, comments:
“We are thrilled to embark on the renovation and development of these two new stunning care homes. Our vision is to create spaces that provide exceptional care and comfort for residents, reflecting the beauty and tranquillity of their surroundings. We extend our thanks to Puma for their continued support in our development pipeline as we expand and bring this vision to life.”
ENDS
Sources
1 Carterwood data
2 Savills: UK Care Home Development, September 2023
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