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Tenancies
Each property is let to Salisbury Independent Living (company number 03966646) for a term of 20 years from 17th September 2025, on full repairing and insuring terms.
Rents are paid quarterly in advance. Rent reviews are annual, upwards only, in accordance with increases in the Consumer Price Index plus 1%.
The portfolio income is as follows:
| Salisbury Court | £150,368 per annum |
| Carrigeen | £75,166 per annum |
| Mayfair Court (5 flats) | £56,584.40 per annum |
| Talbot House | £85,941.44 per annum |
| Italian Lodge | £16,000 per annum |
| Total | £384,060.24 per annum |
Rent review increases have regard to the mechanism by which Central Government reimburse Local Authorities in meeting legal obligations to pay Housing Benefit for those regarded as requiring care facilities. The “Policy statement on rents for social housing, 14th December 2022” provides at clause 2.6 for “Formula Rents” to be increased annually by CPI + 1%. Therefore, to ensure that the lease rent increases align with Government policy, the leases provide that annual increases will be adjusted to reflect any new Government policy should this arise.
The Care Provision – Explanation of Government Support
As set out in the introduction to the Government’s “Supported Housing regulation: consultation”, reference is made to the Supported Housing (Regulatory Oversight) Act 2023. “The Supported Housing (Regulatory Oversight) Act 2023 gives the Secretary of State powers to introduce a licensing regime for supported housing, and the power to set National Supported Housing Standards for England. It places a duty on local housing authorities to produce supported housing strategies to understand current availability and future need for supported housing.”
Care needs are met by commissioned care, support and supervision from a Care Provider through provisions of the Care Act 2014. The accommodation is supplied by a Housing Provider through provisions of the Housing Act 1988, Equality Act 2010 and Disability Discrimination Act 1995.
The Local Authority provides support by paying the housing provider through an Assured Shorthold tenancy. This benefit is referred to as “Housing Benefit” and in the case of disabled people it is often paid directly to the housing provider. The Housing Benefit is paid by the Local Authority with a rebate from Central Government.
Where a housing provider is a Housing Association, charity or Local Authority, and the accommodation is lived in by a disabled person then this is called “Specified Accommodation” and the Housing Benefit paid takes into account core rent plus all other eligible benefits. The associated services are items such as gardening, replacement furniture, decoration, repair, adaptations, housing related support for budgeting and utilities, boiler checks, electricity certification.
In meeting these obligations in this instance, Support 2 Independence is the Care Provider and Salisbury Independent Living is the Housing Provider.
Support 2 Independence (S2I) are certified with the Care Quality Commission. There is no certification for a housing provider.
Why the Income is so secure:
So, the Local Authority provides Housing Benefit, itself being supported by Central Government. The Assured Shorthold Tenancies are, therefore, highly secure in terms of income and the requirements to provide care will ensure that the Local Authority continue paying. Irrespective of the covenant strength of SIL, the rent to a landlord is therefore highly secure.
For the year ending October 2024, Salisbury Independent Living, a “not for profit company”, reported a turnover of £1,666,262 and expenses of £1,651,867. The company’s primary activity is renting and operating Housing Association real estate, providing personal care and support for adults under the age of 65 years and children age 0-18 years with learning disabilities, mental health conditions and alcohol related conditions.
Rent Setting and Core Rents
New Housing Benefit levels have recently been agreed with Wirral Council (local authority). Rent schedules provide for the core rents at the following rates. Significantly, these core rents have determined the annual rents provided in the new leases. We provide the rent schedules agreed with Wirral Council as confirmation of the core rents.
| Premises | Housing Benefit | Core Rent | No. of flats | Annual Rent |
| Salisbury Ct | £468.42 | £206.55 | 14 | £150,368.40 |
| Carrigeen | £503.57 | £206.50 | 7 | £75,166 |
| Mayfair Ct | £446.32 | £222.44 | 5 | £57,834.40 |
| Talbot Ct | £491.55 | £206.59 | 8 | £85,941.44 |
The rent at Italian Lodge reflects the current open market rental value of the property.
Property Presentations
Please follow the links below to full presentations for each property.
VAT
The properties have not been registered for VAT.
Proposal
We are instructed to seek offers in the region of figure of £4,000,000 (Four Million Pounds) subject to contract, for the portfolio
A purchase at the asking price reflects an attractive net initial yield of 9.01%.
Please note that a purchaser will be re-charged the costs of the measured surveys (£2,190 + VAT) and searches (£1,800) which are provided in the data room.
Investment Considerations
An opportunity to acquire a portfolio within the care sector
The properties are let on new 20 year leases
Leases provide for rent increases based upon CPI + 1% annually
The rent is effectively underwritten by Government, thereby providing secure income
The portfolio is available at an attractive net initial yield
Disclaimer
Fixed Charge Receivers Andrew Pear and Milan by the powers given by the Mortgage and all other powers given by statute or otherwise who act as agents for the Company and without personal liability. Both Fixed Charge Receivers are licenced by the Insolvency Practitioners Association and are bound by the Insolvency Code of Ethics.
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