LONDON (ShareCast) - (Sharecast News) - Residential and assisted living property developer Trafalgar Property has exchanged contracts to acquire a site for the development of its first assisted living scheme.
Trafalgar's wholly-owned subsidiary Randell House will snap up the 1.3-acre site in Camberley, Surrey for a total of £2.3m and develop the units for purchase by owners, who would then receive care in their own homes.

The site has planning permission for the demolition of all buildings and for the development of 37 two-bedroom units for an extra care and assisted living scheme, which has been estimated to have a gross development value of £15.1m, with a variation option for an additional 15 units, subject to planning permission, with a consequent GDV estimate of £21.2m.

The AIM-listed group expects to start receiving reservations towards the end of 2019, with the scheme ready for occupation in early 2021.

In order to fund the acquisition, Trafalgar chief executive Chris Johnson will loan the group £360,000, with the balance being provided by an unnamed lender.

Chairman James Dubois said: "Having launched our assisted living strategy last year, it is a major milestone for the group to acquire its first development site.

"Demand is growing in the UK for specialised retirement housing and this is particularly pertinent given the fast-growing aging population in the UK and current demographic trends."

As of 0820 BST, Trafalgar shares had slumped 7.69% to 0.60p.

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