This new-build 87-suite care home was developed by Signature Care Homes Ltd with funding provided by our client BLME. The loan facility was sharia-compliant and in place of the usual finance agreement, a Murabaha agreement was utilised.
Propitas provided full Project Monitoring services over a period of 20 months, during which time we worked closely with the developer and his team on their approach. The initial review period was protracted, due to the high standard of due diligence demanded by our client, as well as the exceptional project detail prepared by the developer.
The development included 87 studio and 1-bed apartments, as well as 24 dementia suites, each with en suite wet rooms. The residents enjoy restaurant dining or bistro experiences, a cinema, library, café, hair salon and spa.
The development was hailed a great success and provided much-needed high quality care facilities to the local community.
The total facility value was circa £22m.
How we Added Value
This development was led by a highly professional project team and very competent main contractor under a design and build contract. The project team had already completed around 6 care homes to a similar specification and to this end, had developed a good working relationship.
Nevertheless, Propitas were able to ensure that timely and appropriate reporting protocols were put in place and a clear drawdown timetable was adhered to. This allowed all parties confidence and transparency in the process and ensured that the appropriate payments were made within timescales agreed at the outset with the contractor.