Monday 11 December 2017

€4.25m for nursing home and retirement units

The Millrace Nursing Home in Ballinasloe, Co. Galway
The Millrace Nursing Home in Ballinasloe, Co. Galway
Ronald Quinlan

Ronald Quinlan

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."

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