MedicX Healthfund signs second deal with Care UK
MedicX Healthfund has announced it is to fund the construction of an £8.3m 80-bed care home in Newbury, Berkshire.
The facility in Maple Crescent was granted planning consent in October 2012 and will be developed in conjunction with Castleoak, a specialist contractor.
With funding now in place, work is due to start on site at the end of this month and will take around a year to complete.
On completion, a 30-year lease will be granted to Care UK, an independent provider of health and social care services.
The building is set within a 1.6-acre site and will provide a range of facilities including a hairdressing salon, café, cinema room and 24 car parking spaces as well as a secure sensory garden.
Richard Pearman, development director of Care UK, said: “We are pleased to be working with MedicX and Castleoak, who both have an excellent track record and understanding for this specialist sector.
“This new home has been specifically designed to deliver the flexible and high-quality care we are renowned for and when complete will ensure local people have access to great quality care on their doorsteps.”
Melville Knight, Castleoak group chief executive, added: “Market demand is for high-quality, purpose-built care homes and by combining the investment from MedicX Healthfund with our experience in care home development and that of a leading operator, we look forward to delivering a first-class healthcare environment.”
The agreement is the second between MedicX and Care UK.