€4.25m for nursing home and retirement units
The Millrace Nursing Home and Retirement Units in Ballinasloe, Co. Galway, have been brought to the market by Savills for a guide price of €4.25m.
Located within a short walk of Ballinasloe town centre, the nursing home's 60-bed facility is delivering strong profits off the back of high occupancy levels and a growing 'Fair Deal' rate.
The Millrace's 37 retirement units, 20 of which are let currently, are producing a gross rental income of €120,000 per annum. There is immediate potential for an additional €36,000 in rental income from five units that are vacant currently. The 12 remaining units (Block C) are internally unfinished, but at current rental levels could generate €86,000 in rental income.
While a 2010 planning permission to combine Block C with the existing home has expired, securing an equivalent permission could increase the number of nursing home beds by 34.
Ballinasloe is the largest town in County Galway, with a population of over 7,000, while Athlone and its population of 20,000 is only 28km away.
In this region, the population of over-75s and those over 85 has risen by 24pc and 51pc respectively since 2001.
Savills head of Hotels and Leisure, Tom Barrett, says: "This is a very rare opportunity to acquire a substantial property and growing business in this sought-after sector. With pent-up demand, Savills expect strong interest from regional, national and international investors and operators."