Lenders Octopus and Puma Finance have agreed to fund the developer’s multigenerational scheme on the site of the former Macdonald hotel in Warrington borough.
The £28.25m funding package has triggered a start on site for the project, which was approved in 2018 and is being delivered by a joint venture between the McGoff Group and land owner Macdonald Hotels.
The scheme features 45 retirement apartments, a 66-bed extra care facility, and a children’s nursery on the site of the former Lymm Hotel on Whitbarrow Road.
The development is described by McGoff Group as a “new concept in inter-generational living, bringing young and old together to form a thriving new hyperlocal community with proven health, social and wellbeing benefits for all”.
The extra care facility will be managed by New Care, part of McGoff Group, and Back to the Garden, McGoff’s day nursery concept, is to manage the nursery.
McGoff Group’s residential brand Villafont will manage the 45 retirement apartments under a new sub-brand, Villafont Concierge. McGoff Construction is to build the scheme.
“A development like this is something that we have wanted to do for a long time and a concept that we believe passionately in,” said Chris McGoff, director at the McGoff Group.
“Thanks to the finance from Puma and Octopus, it can now take shape. We are excited to see how it becomes part of the local community and hope it can set a new blueprint for future schemes.”
Beyond Corporate provided advice on the real estate, planning, construction, corporate and financing aspects of the transaction.
James Flynn, lead partner at Beyond, said: “This project has shown how joint venture deals can be constructed to allow landowners to unlock value in brownfield sites that are no longer suitable for their existing uses.
“It has been fantastic to see the McGoff Group team up with Macdonald Hotels to identify the concept for this site and then ultimately deliver the project, particularly given the current challenging conditions.”
McGoff Group anticipates the nursery will complete in October 2022 with the care home and apartments finalising in November and December 2022 respectively.