DEAL WILL BRING MUCH-NEEDED HOMES TO LET IN BROADLAND
Twenty-nine much-needed homes to let in Broadland are set to be created following the sale of the closed Milestones Hospital in Catfield to a local property investment firm.
Beccles-based Lion Properties Ltd, a wholly-owned subsidiary of R&C Youngs Properties Ltd, has purchased the former specialist care facility and announced plans to convert it into 29 flats (22 two-bedroom flats and nine one-bedroom flats) which will be made available for rental. The 1.25 acre site comprises two separate buildings along with ample car parking and green space.
The deal, worth approximately £1.25 million, was negotiated on behalf of the purchasers by Arnolds Keys, which also carried out a valuation and development appraisal. Lion Properties will invest a further £1.5 million in converting the buildings into new homes.
The first 15 flats will be available for rent in autumn 2021, with the remainder being made available in summer 2022.
“There has been a question mark over the future of the Milestones Hospital since it closed in February 2021 following action taken by the Care Quality Commission,” said Guy Gowing, managing partner at Arnolds Keys. “This purchase will bring the buildings back into use, providing much-needed homes to let for Catfield and the surrounding area.”
Richard Youngs of Lion Properties said, “We are delighted to be investing in new homes in Catfield. Our recent project to create eight flats in the former Beccles Police Station saw all the new homes let within days of being released, and our letting agents, Leaders, are confident that the new homes in Catfield will let on six and 12 month tenancies very quickly.”