MARY CHAPMAN CLOSE, THORPE ST ANDREW, NORWICH, NR7 0UD

MARY CHAPMANC A R E H O M E

In excess of 17 years unexpired and benefits from Fixed Annual Rental Increases

WELL LET CARE HOME INVESTMENT

avisonyoung.co.uk/14840

• An opportunity to acquire a care home investment situated in Thorpe, St Andrew, Norwich offering 31 en-suite bedrooms.

• Rated ‘Outstanding in Care and Overall Good’ by CQC and 9.6 out of 10 on carehome.co.uk.

• Let to Countrywide Care Homes (2) Limited on a 30 year FRI lease expiring on 13 December 2036 (in excess of 17 years unexpired) at a current rent of £210,583 per annum.

• Lease benefits from annual uplifts based upon fixed increases of 2% pa.

• It is run by a highly regarded operator and management team with the home generally having 96% occupancy.

• Sister company Maria Mallaband Care Group are one of the UK market leaders in the care home industry having over 80 care homes across the UK.

• Offers in excess of £2,450,000 (Two Million Four Hundred and Fifty Thousand Pounds) subject to contract which offers a purchaser an attractive net initial yield of 8.08% Based upon purchasers cost of 6.37%.

• In addition, the fixed annual rental increase creates an attractive running yield profile as outlined below.

Year Yield

October 2019 8.24%

October 2020 8.41%

October 2021 8.57%

October 2022 8.75%

October 2023 8.92%

October 2024 9.01%

October 2025 9.28%

October 2026 9.47%

October 2027 9.66%

Year Yield

October 2028 9.85%

October 2029 10.05%

October 2030 10.25%

October 2031 10.45%

October 2032 10.66%

October 2033 10.88%

October 2034 11.09%

October 2035 11.31%

October 2036 11.54%

INVESTMENT SUMMARY

MARY CHAPMANC A R E H O M E

T H O R P E S T A N D R E W

A1065

A47A47

A1042

A47

A47

A47

A12

A47

A47

A140

A140

A146

A146

A143

A143

A1066

A134 A11

A11

A148

A140

Thetford

Mundford

Watton

East Harling

Attleborough

Wymondham

Lowestoft

BecclesBungay

Harleston

Long Stratton

Poringland Caister-on-sea

Hemsby

Hoveton

NorthWalsham

Aylsham

North Elmham

Castle Acre

Fakenham

Dereham

Swaffham

Stalham

NORWICH

THETFORDFOREST PARK

THE BROADS

Mousehold Ln

Norwich Southern Bypass - A

47

A146 A146

A10

42

Ring Rd

A12

70

A147

A147

A14

7

Yarmouth Road

Wo

od

side R

d

Plumstead Road E

Salhouse Road

Kirby Road

Peach

man

Way

Dus

sindale D

r

B11

50

Spro

wst

on R

oad

Plumstead Road

NORWICH

NORWICHTRAIN STATION

LOCATION

Norwich is a historic cathedral city and the regional administrative centre of Norfolk. It is situated approximately 96 km (60 miles) north east of Cambridge and 64 km (40 miles) north of Ipswich. Surrounding towns include Kings Lynn, Thetford, Dereham, Great Yarmouth and Lowestoft.

The A11 provides direct access to Junction 9 of the M11 and wider UK motorway network. The A140 provides a link to Ipswich in the south and the A147 links Norwich to the A1 and the Midlands to the west. A direct train service connects Norwich with London Liverpool Street station with a travel time of 1 hour 47 minutes.

Norwich International Airport lies approximately 4.83 km (3 miles) to the North and is easily accessible with a drive time of less than 15 minutes. It offers regular flights to UK and European destinations including Aberdeen, Edinburgh, Manchester and Amsterdam and in 2014 had passenger numbers in excess of 465,000 people.

Norwich has an estimated population of 213,166, and has one of the oldest populations in the UK with an average age of 40.7.

The city benefits from a large influx of tourists each year attracted by the seaside resorts and the Norfolk Broads, with an annual visitor population of 5 million.

“ Norwich has an estimated population of 213,166, and has one of the oldest populations in the UK with an average age of 40.7”

MARY CHAPMANC A R E H O M E

T H O R P E S T A N D R E W

MARY CHAPMANC A R E H O M E

MARY CHAPMANC A R E H O M E

To Cambridge & M11 / A1 (M)

The property is situated within Thorpe St Andrew, a small affluent suburb approximately 2 miles east of Norwich city centre.

The property is situated off Mary Chapman Close within 200m of the A1042 ring road in a predominantly residential area. Adjacent is Dussindale Park Nursing Home which is operated also by Countrywide Care Home.

“ Within 200m of the A1042 ring road in a predominantly residential area”

SITUATION

MARY CHAPMANC A R E H O M E

T H O R P E S T A N D R E W

The property offers a high quality purpose built care / nursing home facility.

The property is of traditional brick construction under a pitched roof. Internally it offers:

• 31 en-suite bedrooms• Numerous lounge and dining areas• On-site hair salon• Garden area• External parking • Gardens

Full details of the property can be found on the company’s web page www.mmcgcarehomes.co.uk

DESCRIPTION

MARY CHAPMANC A R E H O M E

T H O R P E S T A N D R E W

Site

The property occupies a site of 0.520 Acres (0.210 hectares).

Tenure

The property is held long leasehold for a period of 999 years from 23 March 2007 at a peppercorn rent.

THE SITE

“ The property offers a high quality purpose built care / nursing home facility”

MARY CHAPMANC A R E H O M E

T H O R P E S T A N D R E W

The property is let to Countrywide Care homes (2) Ltd on a 30 year full repairing and insuring lease from 14 December 2006, at a current rent of £210,583 per annum. In addition the property benefits from annual rental uplifts 2% per annum with the next increase being October 2019 when the rent will increase to £214,795.

The lease was subject to Deed of Variation in 2011 when Countrywide Care took assignment when the rent was rebased. There is also a photographic schedule of condition.

Year £/pa

14 October 2019 £214,795

14 October 2020 £219,091

14 October 2021 £223,472

14 October 2022 £227,942

14 October 2023 £232,501

14 October 2024 £237,151

14 October 2025 £241,894

14 October 2026 £246,732

14 October 2027 £251,666

14 October 2028 £256,700

14 October 2029 £261,833

14 October 2030 £267,070

14 October 2031 £272,412

14 October 2032 £277,860

14 October 2033 £283,417

14 October 2034 £289,085

14 October 2035 £294,867

14 October 2036 £300,764

TENANCY

Future uplifts are outlined below:

Under the terms of the lease the tenant provides full management accounts to the landlord. Copies of these can be supplied to interested parties.

MARY CHAPMANC A R E H O M E

T H O R P E S T A N D R E W

Countrywide Care Homes (2) Limited are 100% owned by Countrywide Care HomesLimited , who also own AAG Homes, Countrywide Belmont Limited and CountrywideCare Homes (3) Limited.

Countrywide Care Homes were founded in 2011 to provide high quality and affordable care for the elderly. It was set up to take over the running of a number of care homes within the Southern Cross Healthcare portfolio.

Despite being relatively new the company is a sister company to Maria Mallaband Care Group which has been providing specialist care since 1996. The company is still family owned and is recognised as one of the UK’s leading independent care suppliers. The company run over 80 care homes in the UK. Both businesses were founded by Phil Burgan who is CEO and Chairman to both companies.

Countrywide Care Homes operate around 30 properties around the UK and further information can be found at www.mmcgcarehomes.co.uk which is a shared web platform with its sister company, Maria Mallaband Care Group.

Countrywide Care Homes (2) Limited have a D&B rating of 2A1 (minimum risk offailure). The company employs over 550 people and reported for the year ending30th April 2018 the following financial figures.

Year Turnover Pre Tax Profit Shareholders Funds

2018 £16,635,540 £686,547 £9,675,326

2017 £16,278,348 £856,694 £5,913,611

2016 £14,689,178 £104,679 £5,026,917

Countrywide Care Homes (2) Limited is 100% owned by Countrywide Care HomesLimited, who for the year ending 30th April 2018 reported a turnover of over £50m.MMCG which employs over 1,700 people across the UK achieved a turnover of £71m for the year ending 30th April 2017.

TENANT COVENANT

MARY CHAPMANC A R E H O M E

T H O R P E S T A N D R E W

Year Yield

October 2019 8.24%

October 2020 8.41%

October 2021 8.57%

October 2022 8.75%

October 2023 8.92%

October 2024 9.01%

October 2025 9.28%

October 2026 9.47%

October 2027 9.66%

October 2028 9.85%

October 2029 10.05%

October 2030 10.25%

October 2031 10.45%

October 2032 10.66%

October 2033 10.88%

October 2034 11.09%

October 2035 11.31%

October 2036 11.54%

EPC

The property has an EPC rating copies of which are available to interested parties.

VAT

The property is not elected for VAT.

Proposal

We are seeking offers in excess of £2,450,000 (Two Million Four Hundred and Fifty Thousand Pounds), subject to contract, which offers an attractive net initial yield of 8.08% rising to over 9% in 2024, net of purchasers costs of 6.37%.

In addition, the fixed annual rental increases create an attractive running yield profile as outlined below.

Contacts and further information

Should you require further information or wish to inspect the property please call.

David WinterbottomT 0161 956 4103M 07836 225 552E david.winterbottom@avisonyoung.com

Adam Wildig T 0161 956 4029M 07739 325 666E adam.wildig@avisonyoung.com

Francis Sutherland T 020 7911 2521M 07836 511 354E francis.sutherland@avisonyoung.com

Misrepresentation Act 1967. Unfair Contract Terms Act 1977 The Property Misdescriptions Act 1991. These particulars are issued without any responsibility on the part of the agent and are not to be construed as containing any representation or fact upon which any person is entitled to rely. Neither the agent nor any person in their employ has any authority to make or give any representation or warranty whatsoever in relation to the property. March 2019.

RB&Co 0161 833 0555. www.richardbarber.co.uk

FURTHER INFORMATION

avisonyoung.co.uk/148400161 834 7187