A funding package worth almost £30m has been agreed to progress plans for a new multi-generational development on the site of a former hotel in Cheshire.
The McGoff Group, in partnership with joint venture partner Macdonald Hotels, has secured funding deals with Puma Finance and Octopus to progress plans for the £28.25m development, which will be on the site of the former Lymm Hotel on Whitbarrow Road in Lymm.
According to the Altrincham-based developer, the "first project of its kind in the North West" will comprise a state-of-the-art care facility, a children’s day nursery and 45 'luxury' retirement apartments in a leafy conservation area setting close to the village and adjacent to the Trans Pennine Trail.
Designed by the McGoff Group and delivered by principal contractor McGoff Construction, the development is a new concept in inter-generational living, bringing young and old together to form a "thriving new hyperlocal community".
Director at the McGoff Group, Chris McGoff, said: “A development like this is something that we have wanted to do for a long time and a concept that we believe passionately in. 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.
“Adjacent to the canal and next to an entry onto the Pennine Trail and with lovely woodland views, the leafy position of this site will appeal to all target age groups and will be perfect for young and old to enjoy.”
All aspects of the development will be operated by McGoff Group - including its care home provider New Care taking responsibility for the 66-bed home.
The nursery will be operated by the group's Back to the Garden firm.
It will be the second site in the UK for the nursery concept that focusses on active learning and outdoor play in a garden setting. The other is in Broadheath, Altrincham.
Finally, its residential brand Villafont will deliver the 45 retirement apartments under a new sub-brand Villafont Concierge.
The new concept is designed to offer the potential for old and young to spend time in each other’s company on a regular basis for mental and physical health benefits.
Beyond Corporate provided advice on the real estate, planning, construction, corporate and financing aspects of the transaction.
Lead partner, James Flynn, 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, and the whole team at Beyond is very pleased to have played its part in helping to deliver this scheme.”
Planning permission has already been granted, with groundworks at the development "well underway".
A completion date of October 2022 is anticipated for the nursery, November 2022 for the care home and December 2022 for the apartments.
