Midland developer Earlplace has completed the sale of a Bristol care home for £11.25 million.
The Hockley Heath company has just achieved practical completion on the home – which is let to MHA – and the freehold sale to private investment company Aprirose occurred at the same time, and representing a record yield of 5.45 per cent.
It is the second deal Earlplace has concluded with Aprirose in the last 12 months after the sale of a care home in Leamington for £8 million.
The Bristol home is one of the best in the UK and is the first of a new model which provides for dementia and nursing care for couples all under one roof.
There are 25 dementia rooms, 25 nursing rooms and 26 double roomed suites, which are all en suite. The home also includes extensive lounges, hair salon, terraces, and a roof terrace.
The Birmingham office of Savills acted for the purchaser.
The sale has come at a time when Earlplace is just about to embark on a new venture.
Chairman Lawrence Grove, said: “We have plans for major projects in a new sector, and this sale will add further funds to allow those to progress.”