30/01/2025
Elevation Advisors LLP (“Elevation”) is pleased to announce that Elevation Healthcare Properties (“EHP”), a real estate fund advised by Elevation, has completed the acquisition of land and agreed forward funding to support the development of a high-quality care home with Torsion Care as developer, Torsion Projects as contractor and Torwood Care as operator. Once completed, the home will be let on a long-term lease with RPI-linked escalator with cap and collar to Torwood Care, an existing operator relationship for EHP.
The development will provide 66 ensuite wet-room beds to the local community in Otley (Yorkshire), an attractive market town on the outskirts of Leeds, with a large catchment area and an undersupply of quality care beds. The home, set to open in late 2026, has been designed to a high specification to enhance the wellbeing of residents, relatives and staff, and amenities include hairdressers, café / bistro and a family games room.
Torwood is a leading care operator with four operating care homes and more than five developments under construction, and led by an experienced management team in partnership with specialist contractor Torsion. The new development at Otley has been designed to incorporate best-in class environmental technology, eradicating gas from its design to dramatically reduce carbon emissions in operation. The development will include air source heat pumps, solar panels and an all-electric design in the laundry and kitchens to target an EPC A rating, BREEAM Construction rating of ‘Excellent’ and a BREEAM In-Use rating of ‘Excellent’.
Martin Hutson, Director of Torwood said: “We are delighted to have agreed the forward fund on the 66-bed care home in Otley with the team at Elevation. The scheme will further strengthen our existing care home portfolio and provide much needed high-quality care for local people. All the Torwood portfolio consists of EPC A and BREEAM excellent-rated homes, which provide high levels of sustainability and carbon reduction. This aligns strongly with our fund partners’ strategy and we will continue to innovate the development of our homes to deliver some of the most modern and carbon efficient care homes in the sector. Our thanks to the Elevation team for their continued support of our business.”
James Giles, Investment Director at Elevation said: “We are thrilled to continue our partnership with Torwood by adding this high-quality home into the portfolio, as we continue deployment of EHP. The care home will provide 60-80 jobs to the local community and will be built to exceed the latest environmental standards to serve the needs of the local area. Torwood’s strategy for progressing ESG and sustainability is strongly aligned with that of Elevation and our aspirations of operationally net zero assets, taking steps to reduce carbon emissions as much as possible through the integration of new technologies.”
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Disclaimer
This press release is issued by Elevation Advisors LLP, which is authorised and regulated by the Financial Conduct Authority. The information contained herein is provided for informational purposes only and does not constitute investment advice, an offer to buy or sell any financial instrument, or a solicitation of any kind. Past performance is not a reliable indicator of future results. Any forward-looking statements or projections are based on current assumptions and subject to risks and uncertainties that may cause actual outcomes to differ materially. This communication is intended solely for professional clients and eligible counterparties as defined by the FCA. It is not directed at retail clients and should not be relied upon by any person who does not meet the criteria for professional client classification. Investments may involve significant risk, including the potential loss of capital. Recipients should seek independent financial advice before making any investment decisions. While reasonable care has been taken to ensure the accuracy of the information provided, Elevation Advisors LLP makes no representation or warranty as to its completeness or reliability and accepts no liability for any loss arising from reliance on it.
