The Residential Land team at Jones Lang LaSalle, together with Stanley Hicks & Sons have sold the freehold of Nazareth House, a riverfront development in a parkland setting in Isleworth, West London to St James, part of the Berkeley Group. The former convent had been one of many facilities owned and operated in the UK by the Sisters of Nazareth as care homes for older people.
The 7.6 acre site that is adjacent to the river Thames was sold with the benefit of an implemented planning permission for 120 retirement dwellings, a 30-bed care home and associated accommodation and facilities. The Sisters will now re-invest the proceeds of the sale in other facilities. St James are expected to submit a residentially led planning application in 2014.
John Gatward, CEO Nazareth Care said: "The Sisters are sad to see Nazareth House leave their ownership after 120 years but will be able to put the sale proceeds to good use upgrading and re-modelling some of our other care facilities. They would like to take the opportunity to thank all those who have supported them along the way.'
Sean Ellis, Chairman at St James commented: "St James was attracted to the site due to its riverside location in West London with the heritage buildings and open space presenting the potential to create a development of high quality homes with a strong sense of place."
James Cobb, Associate Director at Jones Lang LaSalle said: "This was a prominent sale for the team at Jones Lang LaSalle and our joint agency colleagues at Stanley Hicks, and one which demonstrates our ability as a global consultancy to provide an exemplary service to our clients."
Tony Snelling, Partner at Stanley Hicks commented "Stanley Hicks have a strong reputation for dealing with institutional clients and looking after their charitable interests. This sale has proven that strong commercial decisions can be developed, executed and delivered to support clients' wider charitable goals."
The Sisters of Nazareth were represented jointly by Jones Lang LaSalle and Stanley Hicks & Sons.
Contact: Felicity Young
Phone: +44 (0)20 7087 5108
Email: Felicity.Young@eu.jll.com
Reference: NR6850