Newly established VPP Estates Ltd buys first Hampshire care home
Specialist business property adviser, Christie & Co, has completed on the freehold sale of Purbeck House care home in Waterlooville, Hampshire. Funding for the buyer was sourced through Christie Finance.
Purbeck House is an 11-bedroom care home for the elderly, registered for 15 service users. The business has a ‘Good’ CQC rating and can take residents in the categories of Old Age, Dementia, Leaning Disability and Mental Health. The home operates very successfully with a full-time manager and a good team of staff.
Since 2005, Purbeck House has been owned and operated by Robert and Denise Stephen, who recently decided to sell to retire from the sector.
Following a confidential sales process through Christie & Co, the home has been purchased by newly established care group, VPP Estates Limited.
Robert Stephen comments, “Having been in contact with Charles at Christie & Co over a number of years, we approached him to help us with a sale. We are very pleased to have concluded a sale of Purbeck House to the new owners and wish them all the best with their new business. Having been involved in the care sector even before our purchase of this home back in 2005, we are going to miss it.”
Sugi Peterpaul, Director at VPP Estates Limited, comments, “Purbeck House is an ideal business for us as it will be our first care home. The business has been run very well by Robert, Denise, and the team, and we look forward to building on their good name.”
Charles Phillips, Director – Healthcare at Christie & Co, who handled the sale, adds, “This is the second home that we have sold for Robert over the years, and it has been a pleasure acting for him again. There was a good level of interest expressed for this home, with multiple offers being made, which shows that there is great demand for all sizes of care homes at present. We look forward to assisting VPP Estates Limited in the future.”
Jimmy Johns, Director at Christie Finance, who sourced funding for the buyer, comments, “It was great to support Mr and Mrs Peterpaul and their son as they buy their first care home as a family. Despite being new entrants to the market, we were able to secure a highly competitive offer of finance to allow them to make this first acquisition.”
Purbeck House was sold for an undisclosed price.
