Specialist developer Trafalgar Retirement has exchanged contracts to buy the 1.3-acre site in Blackwater for £2.3m for the development of its first assisted living scheme.
The site has planning permission for the demolition of all buildings and for the £15m development of 37 two-bedroom units for an extra care and assisted living scheme. There is also a variation option for an additional 15 units (subject to planning permission), taking the gross development value up to £21.2m.
Trafalgar has set up a new subsidiary, Randell House, for the development. Randell House intends to develop the units for purchase by owners, who would then receive care in their own homes. Owners will also have access to other on-site services such as catering, health care, cleaning and communal living spaces. It is expected that the development will be ready for occupation in early 2021.
Trafalgar chairman James Dubois said: "Having launched our assisted living strategy last year, it is a major milestone for the group to acquire its first development site. Demand is growing in the UK for specialised retirement housing and this is particularly pertinent given the fast-growing aging population in the UK and current demographic trends.”