Ipswich care home secures fund to expand to become £25m village
Care operator, Mohammed Maqsud Khan of Westerfield House, a well-established care home in Ipswich, has been successfully refinanced via Christie Finance to expand to become a £25m village.
Since acquiring the property in 2011, the now Westerfield House has been painstakingly and sympathetically developed by Mohammed Maqsud Khan (known as Mac) and his team to become an impressive care facility, which provides residential care and assisted living services to its local community.
The property originally operated as a hotel set in over nine acres of land. After receiving planning permission, Khan converted the site into a 75-bed care home, with Westerfield House opening its doors to residents in 2016. Each private bedroom is equipped with a modern, en suite wet room, making it one of the best quality homes in the area.
Khan, who is also a qualified accountant and highly experienced developer, approached Christie Finance to assist with the refinancing of his current debt facilities to enable him to pursue his longer-term plans of creating a ‘Care Village’, of which Westerfield Care Home would form the central hub.
It is Khan’s intention to utilise the vast space surrounding the care home to provide 147 self-contained apartments for assisted living.
The ‘Village’ will be designed to offer an individual or couple the opportunity to live independently in a fully secure, specialist care complex. Residents will have access to a range of services such as a hair salon, gym, pharmacy, and a physiotherapy centre on site.
Khan commented “I will be pushing on with the development and with getting phase two up and running, which I am sure will open doors to potential new funding. It is a great achievement!”
Jimmy Johns, Director at Christie Finance who sourced funding, said, “Getting this deal agreed for Mac, especially through the Coronavirus Business Interruption Scheme (CBILS), has enabled him to expand this well-established and truly fantastic home, giving him an even better foundation for his future plans at Westerfield House Care Home and Village.
'We had to work collaboratively with the lender to overcome all the potential issues that arose with this kind of development. It was not an easy process at points, but it most definitely concluded with the best possible outcome.”
Since acquiring the property in 2011, the now Westerfield House has been painstakingly and sympathetically developed by Mohammed Maqsud Khan (known as Mac) and his team to become an impressive care facility, which provides residential care and assisted living services to its local community.
The property originally operated as a hotel set in over nine acres of land. After receiving planning permission, Khan converted the site into a 75-bed care home, with Westerfield House opening its doors to residents in 2016. Each private bedroom is equipped with a modern, en suite wet room, making it one of the best quality homes in the area.
Khan, who is also a qualified accountant and highly experienced developer, approached Christie Finance to assist with the refinancing of his current debt facilities to enable him to pursue his longer-term plans of creating a ‘Care Village’, of which Westerfield Care Home would form the central hub.
It is Khan’s intention to utilise the vast space surrounding the care home to provide 147 self-contained apartments for assisted living.
The ‘Village’ will be designed to offer an individual or couple the opportunity to live independently in a fully secure, specialist care complex. Residents will have access to a range of services such as a hair salon, gym, pharmacy, and a physiotherapy centre on site.
Khan commented “I will be pushing on with the development and with getting phase two up and running, which I am sure will open doors to potential new funding. It is a great achievement!”
Jimmy Johns, Director at Christie Finance who sourced funding, said, “Getting this deal agreed for Mac, especially through the Coronavirus Business Interruption Scheme (CBILS), has enabled him to expand this well-established and truly fantastic home, giving him an even better foundation for his future plans at Westerfield House Care Home and Village.
'We had to work collaboratively with the lender to overcome all the potential issues that arose with this kind of development. It was not an easy process at points, but it most definitely concluded with the best possible outcome.”
10/Dec/2021 10:38