June 10, 2013
Salmon Harvester Properties (SHP) and Rock Care Partnership (RCP) have formed a joint venture to acquire The Wycliffe Centre, Horsleys Green, near High Wycombe in Bucks.
The property comprises 120,000 sq ft of accommodation on a 23-acre site and is currently used as conference centre and for bible translation by Wycliffe Bible Translators, the current charity owners.
SHP has unconditionally purchased the property for more than £5 million using its own funds and has allowed Wycliffe to remain in occupation as it winds down its operations this year.
SHP and RCP propose to create a new supported living community comprising 156 units in a combination of independent supported and supported living care units with specialist dementia facilities on site. The scheme will have a £40 million completed value and be owned by the joint venture company and managed long term by RCP.
A planning application for the development will be submitted next month and subject to consent construction will begin in early 2014 with completion a year later.
Salmon Harvester Properties is a joint venture between Salmon Developments and NFU Mutual and is an experienced development company with a proven track record and a solid financial base.
RCP is a developer that is specialising in the health and retirement sector and has identified the significant changes to the demographic profile of the UK with increasing requirements for more independent living for elderly people.
Simon Taylor, of RCP said : “The current accommodation options for the elderly are simply inadequate, both in quantity and also in terms of its suitability. We have an increasingly elderly population that wishes to remain independent, active and above all not to be institutionalised. Our vision for the Wycliffe Centre will form a vital part of that solution.”
Doug Stewart, Chief Executive Officer of SHP, says: ‘This will be our first development in the assisted living sector. We can see a powerful demographic rationale for this development. ”
SHP and RCP were advised by Jones Lang LaSalle.