OakNorth Bank completes £12m loan to leading real estate fund manager Frogmore for creation of new dementia care home in Bayswater
- OakNorth has completed a
transaction with Frogmore, one of the UK’s leading real estate investment
- The finance will be used to acquire a four-storey
serviced apartment block and submit planning permission to convert it into
a 35-bedroom care home focusing on providing accommodation for those suffering
- The area, typified by large Georgian Stucco fronted townhouses, is
only a short walk from Bayswater underground station and Hyde Park;
- If approved, this new development would sit alongside Frogmore’s
existing dementia care home in Chelsea, with additional facilities planned for St
John’s Wood and Kensington Square. The portfolio is being assembled alongside
specialist operator – Innovative Aged Care, who is a market leader in dementia
– the bank for entrepreneurs, by entrepreneurs – has completed a £12m loan
UK-focused, fully integrated real estate investment manager which has invested and sold over £7bn of real estate since 1995.
Frogmore will use the capital to acquire a four-storey, serviced apartment block and has submitted a planning application to convert it into a 35-bedroom care home, focusing on providing accommodation for those suffering from dementia. The site, situated in Prince’s Square in the City of Westminster, occupies a prominent position in the south eastern corner of the Square and is well situated within Zone 1, with access to Bayswater Underground station, other transport links only a short walk away.
Commenting on the transaction, Andy Rogers, Director and Group Treasurer said: “The City of Westminster is estimated to see a 55 percent increase in people diagnosed with dementia between 2015 and 2030, as well as being projected to see an increase of 800 people diagnosed annually, making it the second highest increase in need of any London Borough. Research shows that despite this, Westminster has the second lowest number of registered beds for dementia, with only three beds for every 100 patients.
“We are delighted to have the support of OakNorth
to bring this
much-needed new care facility to the area and, alongside our specialist partners
at Innovative Aged Care, to provide vital care to meet a community need. As always,
the team at OakNorth has worked to get the deal done in the time frame we
needed so that we could submit a planning application permission quickly.”
Damien Hughes, Property Finance Senior Director at OakNorth commented: “With its central location and proximity to many of the capital’s most famous landmarks,Westminster is a highly desirable area but it has a rapidly ageing population and therefore, a need for more care homes and specialist housing. Frogmore has a wealth of property expertise and their partners, Innovative Aged Care has enviable experience in this area. The team is thus well positioned to take advantage of this demographic trend.”
Back to Press Releases