Barwood and Perseus complete sale of 70-bed scheme set to increase later-life care provision in Kent

Barwood Capital (“Barwood”), a leading UK based real estate investment and development platform, with its partner Perseus Land & Developments (“Perseus”), has completed the sale of a 70-bed care home scheme in West Malling, Kent, to a joint venture between property development company Barcroft Estates and a global investment company for an undisclosed sum.

The scheme has been pre-let to a not-for-profit care provider which supports older people through registered nursing and dementia care homes.  The facility is intended to offer residential care and dementia-specific care.

The cleared 1.67 acre site is located close to West Malling railway station, 0.5 miles from West Malling town centre and was purchased in 2020 through the Barwood Regional Property Growth Fund IV. Planning permission was secured in October 2022 from the Planning Inspectorate.

The site is targeting a BREEAM Very Good rating, Net Zero in operation enabled and an EPC A rating.

The news comes as Knight Frank’s 2024 Healthcare Report suggests that healthcare beds grew by only 519 beds this year with a recorded 3% growth in care beds over the past decade. Over the same period the number of people aged over 65 grew by 16%. This contrasts with what appears to be a growing trend of increased deregistration’s and closures. 

Andrew Barlow, Head of Fund Management, Barwood, said:

“Our collaboration with Perseus is enabling top-tier accommodation for older people at a time when the market is severely lacking the right supply.

"We anticipate that the care home and senior living sector will keep growing as the market evolves and the UK’s population ages in the coming years.

"Perseus' specialised knowledge in the field has enabled us to identify opportunities that benefit local communities and generate employment, while offering appealing returns for our investors.”

William Chambers, Acquisitions Director, Perseus, added:

“We have been on a long journey with this asset from winning the consent at appeal, experiencing the issues and aftermath of Covid-19, followed by the inflationary pressures and challenges in the economy and property sector.

We persevered and this sale concludes the successful business plan for Perseus & Barwood. We wish the new operators and Barcroft every success with their future care home.”