Cheyne Targets Systemic Change in Care Homes
Cheyne Capital Management has announced a £24 million investment into two state-of-the-art care homes. Construction has commenced on the first facility in Crewe, Cheshire, with a second scheme to follow in Whitchurch, Shropshire, in the new year.
In total, the investment will deliver 140 new care beds and, crucially, 35% of the beds will be allocated to publicly-funded residents at rates set by local authorities and NHS clinical commissioning groups. Consistent with Cheyne Impact Real Estate’s ‘tenure blind’ approach throughout its property portfolio, which aims to reduce inequalities, both private-pay and publicly-funded residents will benefit from identical facilities and care services.
The homes will include open, welcoming and accessible spaces and will be based at the heart of the community with a range of innovative amenities which can be enjoyed by the residents’ families and people from the local area.
The homes will be operated by Anavo Group which was established in early 2020 by Tom Brookes, Jamie Braganza, and Edward Moore. Anavo Group currently operates 11 homes UK wide and benefits from a highly experienced Senior Management Team who have commissioned a number of Outstanding rated homes. Anavo aims to provide care for older people in homes through the use of innovative architecture, an evidence-based care programme and the latest technology to improve every resident’s quality of life. Ensuring the Group’s homes become a focal point for the local community via Anavo’s ‘inside-out’ operational model is crucial to its care ethos.
Ravi Stickney, CIO of Cheyne Real Estate says: “Unlike with general needs housing, where planners can impose on developers the delivery of a proportion of affordable homes, there is no requirement for the delivery of any affordable beds within new-build care homes. Typically, therefore, good quality, secure and appropriately-fitted care homes are only available to the small percentage of people who can afford them. With this investment, we are looking to change that status quo by demonstrating that impact-led institutional investors like us can, and are willing to, cater to local authority and NHS needs by delivering a significant proportion of affordable beds within modern, purpose-built care homes. We chose to partner with Anavo because we admire their mission to challenge the stigma of aging and the perception of what living in a care home looks and feels like. We look forward to working together to deliver on this shared vision which puts inclusivity and quality of life at the forefront of its aims.”