Puma Property Finance signs £18m loan to fund Surrey based care home
Puma Property Finance has provided a facility of £18m to fund the development of a new care home in Ewell, Surrey. The loan, provided to Morrison Community Care Group (“MCCG”), will deliver an 81-bed scheme in the residential area.
The 100% wet room development will be built over six floors with communal facilities and amenities, including a salon, cinema and restaurant. It has significant outdoor space, which is proven to have mental health benefits for residents.
There is huge demand for high-quality later-life living accommodation in Ewell, with over 38,000 people aged 75+ within a five-mile radius1. While there are a substantial number of care beds in the area, the majority of these are over 20 years old and offer little to no wet room provisions. This development will address the shortfall of modern stock in the area and provide the best possible quality of life for residents.
This loan is Puma’s first with MCCG and represents MCCG’s first development within England, having operated primarily in Scotland. Construction will begin in summer 2024, with the care home expected to reach practical completion in February 2026.
Our view
“It is more important than ever that we address the chronic undersupply of quality care beds across the UK, with 78% of care home beds in properties not originally built with care use in mind or over 20 years old (2). Well-designed healthcare developments are essential to meet this shortfall and we provide loans to schemes that endeavour to be as ‘future-proof’ as possible. This development will help to address the significant need for care beds in Ewell and the surrounding areas. “We are really pleased to be working with Morrison Community Care Group on its first venture within England. With a number of successful care home developments in Scotland, we had no doubt that MCCG would be trusted partners and we look forward to building this relationship further in the future.”
A view from Morrison Community Care Group
“We have a long-standing reputation in the design and development of care homes, having successfully done this in Scotland for over 30 years. We are passionate about providing the very highest standard of living and service possible, so it’s fantastic to partner with Puma Property Finance who share these values and have delivered quality care homes over many years. We’re now excited to bring our expertise to England for the first time, and Puma have been the perfect partner to go on this journey with.”
Sources
1 Carterwood report April 2024
2 Cofinimmo – United Kingdom