On Air 90s Playlist Nicola Holt | 10:00pm - Midnight

Retirement complex now in sole ownership of residents

Funds generated by freehold sale will improve estate

The freehold of one of the Island’s first retirement complexes has been sold.

Saddle Mews, in Douglas, is now in the ownership of the Saddle Mews Residents Association Limited.

The 122 apartments had been in the care of a UK based management company – Four Seasons Health Care – for almost 20 years.

The deal was completed on 1 July with Island based accountants Yellowstone advising on it.

Adam Hudgeon from the company said: "The good work of the association to date has seen various works take place to improve the lives of the residents.

"We were proud to play our part in the purchase which will see the funds generated by the freehold channelled towards improving the whole estate."

The village, which is for those aged 50 and over, will now be managed by its residents.  

The sale concludes a six-year process for the association which wanted more involvement in the running of the site.

Douglas South MHK Sarah Maltby said: "The news that the freehold now belongs to the Saddle Mews Residents Association is welcome news.

"My main concern was making sure my constituents were being treated fairly and getting the service they expected from their management fees.

"I now have the confidence this will happen and I am pleased to have played a part in securing this arrangement."

The Saddle Mews Residents Association was approached by Four Seasons Health Care in 2023 with the proposal of purchasing the village freehold.

The Four Seasons Health Care Group has since appointed a property agent to oversee an auction of its remaining 46 freehold sites in the coming months.

Chief Executive Officer Joe O’Connor said: "This launch of the sales process reflects the significant operational and financial performance these homes have achieved.

"The homes are strongly positioned with excellent care quality, local market reputations and strong financial performance.

"In light of this, together with improved capital market conditions in the UK and early interest from the lending community, now is the right time to launch this sales process and we anticipate considerable interest from a wide range of prospective investors.

"During this sales process our priority remains the delivery of excellent care quality for all residents, and as such the group will work closely with CBRE, potential purchasers and other counterparties, alongside relevant regulators, to ensure that the sales process doesn’t detract from this."

You can find out more HERE.

 

More from Isle of Man News