Queen Mary’s Care Home
Bridges Property Alternatives Fund III
Underserved Markets, Health & Well-being
Date of Initial Investment
Challenge: The UK population of over-60s is due to increase by 20% between now and 2027, with the fastest growth among the over-85s (the number of whom is projected to more than triple to 7 million by 2081). As a result, demand for quality care homes is rapidly rising. Yet over 70% of current stock is older than 15 years, which means provisions risk becoming out of date. With the dramatic rises in the predicted incidence of dementia and other age-related illness, there is a growing recognition that the sector needs to develop specialist services and facilities, and to ensure continuous quality improvements.
Investable solution: Bridges has acquired the freehold interest in a 3.1-acre site immediately adjacent to Queen Mary’s Hospital in Sidcup for £7.2m in partnership with Castleoak. This follows the completion of 14 successful care home development projects in partnership with Castleoak in previous funds. The site currently has planning consent for a 60-bed care home and a 47-unit assisted living scheme.
Outcomes: The development will provide much needed care facilities to the local area and should include a range of environmentally friendly construction initiatives where viable.
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