Evolve Estates, a member of the M Core commercial property investment group, has made a strategic move into the private healthcare sector by acquiring two hospital properties located in Diss, Norfolk, and Scunthorpe, North Lincolnshire. These purchases, made on behalf of Leathbond Limited and LCP Securities, signal Evolve’s efforts to diversify into sectors with strong growth potential.
The acquisitions include a fully operational private hospital in Scunthorpe and another facility in Diss with potential for future development. Both hospitals will be managed under a sale-and-leaseback agreement with Trent Cliffs Private Healthcare Limited (TCPH).
Meridian House, Scunthorpe
The Scunthorpe property, known as Meridian House, spans 30,800 square feet and currently serves as a private healthcare and rehabilitation centre. The first floor is undergoing refurbishment to establish a modern rehabilitation space, which will be leased to Revitalise Care Limited. Additionally, plans are in place to add a new floor of 15,000 square feet for NHS rehabilitation beds, pending planning approval, to address the increasing need for local healthcare services.
St John’s House, Diss
In Diss, Evolve Estates will oversee the management of St John’s House, a property currently leased to TCPH and jointly operated with Revitalise Care Limited. The facility is set to receive investment for the creation of bespoke operating theatres and advanced recovery rooms, aimed at enhancing the hospital’s service offerings.
Strategic Expansion into Growth Markets
Over the past year, Evolve Estates has focused on investing in sectors that show strong growth potential. The company’s expansion into private healthcare reflects its strategy to broaden its portfolio and capitalise on emerging opportunities.
Co-Founder Dan O’Keefe stated, “Our entry into the private healthcare market with these two high-quality facilities aligns with our wider investment strategy. This move complements our existing retail investments and positions us to benefit from expanding growth sectors. We are looking forward to working closely with the operators to ensure these hospitals meet the healthcare needs of the communities they serve.”
O’Keefe also expressed gratitude to his team, along with Andrew Cooper of Clarke Wilmott and Jim Remfry of DTRE, for their contributions in completing these acquisitions.
A Collaborative Approach to Asset Management
The assets acquired for Leathbond and LCP Securities demonstrate Evolve Estates’ commitment to a cohesive asset management strategy, leveraging its expertise in managing a diverse property portfolio.
The transactions were facilitated by acting agents Peter Arduino and Matt Chambers of Arduino Chambers, representing Trent Cliffs Private Healthcare.