Thursday 14 November 2019

Retirement village properties the best sellers at auction

Valuable lot: Clover Court Retirement Village in Co Offaly
Valuable lot: Clover Court Retirement Village in Co Offaly
Donal Buckley

Donal Buckley

Two retirement village portfolios were the best sellers among the 13 lots that Sherry FitzGerald sold through its public auction last week.

The most valuable of them was Clover Court Retirement Village, at Shinrone, Co Offaly, which had a €650,000 guide price.

It sold prior to auction for an undisclosed sum.

It generates annual rents of €79,740 and comprises 22 two-bedroom houses, together with a central day care centre on about 2.4 acres.

The rental income is generated by tenants in 16 of the bungalows and so there is the potential for increased income from five vacant units which may need refurbishment.

Also vacant is the day care centre which extends to 2,750 sq ft. This sale did not include two of the units in the village which is adjacent to Ealga Lodge Nursing Home.

The other retirement lot comprising part of Millhouse Retirement Village, near New Ross in Co Wexford, sold for €625,000 - or €75,000 more than its guide price.

This lot includes six of the 24 bungalows in the village and 5.5 acres of land which had planning permission for 29 units but this permission expired.

Five of these six houses are occupied and generating annual rental income of €33,300.

It is next to Millhouse Care Centre and nursing home.

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