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Healthcare

Demographics and underlying need are driving ever greater demand for accommodation that is fit for purpose for people with additional needs and we see our existing core skills as highly complementary to an increasing representation in this vital sector.

With substantial under provision in the assisted living market and need for significant renewal and repositioning in other health functions we are building expertise and expect to increase our exposure as more opportunities present themselves.

A key initiative has been the establishment of a long term 50:50 JV with two experienced development partners, Richard Wilks and Chrissie Neve, to create Argon Property Development Solutions which is responsible for the two projects below. 

Healthcare Case Study 1

Benton House,
Jesmond, Newcastle

Benton House, Jesmond, Newcastle image

Purchased in March 2021, Benton House was a strategically located office building with short term leases and excellent change of use potential. Although bought to convert to residential, on completion discussions were entered in to with the existing tenant – a local NHS Trust – who was in occupation of part of the building. Terms were then agreed for the tenant to take the whole building on a new long lease subject to extensive renovation works.

The refurbishment of the property embodies the circular economy with the re-use and upgrading of the building helping to reduce the carbon impact in both the short and long term. The building has been forward sold to Primary Health Properties. 

Benton House, Jesmond, Newcastle site plan

Maps Data: Google, ©2022 Getmapping plc, Infoterra Ltd & Bluesky, Maxar Technologies, Map data ©2022

30,000 sq ft

£3m

refurbishment cost

100%

Government backed income

5 floors

5 floors

Healthcare Case Study 2

Monkwearmouth
Hospital, Sunderland

Monkwearmouth Hospital, Sunderland image

Being delivered in joint venture with Sir Robert McAlpine through the PAGABO framework, we are working to provide a transformative new building on behalf of the Cumbria Northumberland Tyne and Wear NHS Foundation Trust. The existing building is over 90 years old and no longer fit for purpose and by working with the tenant we are committed to delivering bespoke high quality accommodation which specifically meets the exacting needs of the care requirements being provided to the community.

With detailed planning consent secured on appeal, the new clinical office development will provide a welcoming level access for patients, staff and visitors, an administration hub, break out space, and community café facilities.

The building is being forward funded through to completion by Railpen.

Monkwearmouth Hospital, Sunderland logos
Monkwearmouth Hospital, Sunderland site plan

Maps Data: Google, ©2022 Getmapping plc, Infoterra Ltd & Bluesky, Maxar Technologies, Map data ©2022

40,000 sq ft

46

car spaces

Jan 2024

completion date

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