Earlplace has sold a 0.49 acre piece of land In Bristol to Cedar Care Homes which is planning a 49-room bed care home on the site.
The Bristol-based company, which has 11 homes, paid Earlplace £1.1 million for the land in Downend – which is believed to be a record in the sector outside London over the last two years.
Earlplace originally bought the land as part of a joint venture but acquired sole ownership two years ago.
The company then obtained planning consent for the new home, which was a scheme designed by Warwick-based architect Robothams.
Tim Malby, managing director of Earlplace, said: “We have checked with two leading national property agents who both believe the price has set a new record outside London in this sector.
Two years ago we achieved a then record for a site in the centre of Stratford upon Avon, but this surpasses that mark. The nine rooms proposed for the basement would not suit all operators, and so applying a discount to them results in a site value of around £24,000 per room.”
Earlplace diversified into the care home sector four years ago and has since been involved in five developments.
Earlplace’s chairman Lawrence Grove said the move had played a vital role in the company’s continued success. He said: “We knew that general development would be hard hit by the downturn and identified the care home sector as one which was likely to be more resilient to the vagaries of the economy. Fortunately that has been the case.”