Investment market having  seniors moments as demand for nursing homes quickens

Further four nursing homes, in Clare, Cork and Galway up for sale with multi-million euro price guides on the back of several strong recent sales

Nursing home sale at The Lakes,  Killaloe Co Clare guiding €2.6 million via Cohalan Downing

CONTINUED strong demand for nursing and care home assets is expected to be shown in the further sell -off of Irish nursing homes, with diverse homes previously operated by Aperee coming to the market, as well as the possible return within weeks of a valuable Rochestown site for sale after a deal with Aperee agreed back in 2021 for €4.75m didn’t progress.

Listed this week are three nursing homes in Cork, Galway, and Clare with full occupancy, as well as a second County Cork one that has been deregistered: The total value of the four is €8m, but they are also offered in individual lots with offers sought by May 22.

All four are offered for Aperee receiver/liquidator Gerard Murphy, via agent Margaret Kelleher of Cohalan Downing, who has already sold five previously operated by Aperee for the receiver, for well over their combined €9m launch guides, and to several as-yet unidentified buyers.

St Martha's Charleville guides at €1.25m

Another one, in separate ownership in Tralee called White Thorn Lodge is currently on the market, on eight acres and with full occupancy with an individual guide price of €6m.

In separate ownership, the White Thorn Lodge Tralee nursing home is also currently for sale guiding €6 million 

Coming on the back of evident investor/operator demand this week is St Martha’s on the fringes of Charleville in North Cork; The Lakes in Killaloe, Clare, one in Headford, Galway currently run on a limited capacity by the HSE, and a deregistered former purpose-build home in Churchtown, North Cork, now vacant.

Charleville’s St Martha’s Nursing Home is within a walk of the town centre. It has 36 bed spaces in 29 bedrooms, in a 2002 purpose-built building on 1.43 acres: Guide price is €1.25m.

The former nursing home at Churchtown has been deregistered. It guides at €2.1 million

Co Clare’s The Lakes Nursing Home is close to Killaloe town centre, dates to c 1999, was purpose-built, and has 52 bedrooms with 57 bed spaces, on 1.3 acres. There’s an expired planning permission to add eight bedrooms: guide price is €2.6m.

The Galway home (not named in the sales prospectus ) is on the Headford Road, 3.5km north of the city and has 60 bed spaces across 56 rooms: it’s on 1.11 acres and has a guide price of €2m. It is open and trading, but with restricted occupancy and is currently being operated by the HSE.

Galway home on the Headford Road guides at €2m and is currently run by the HSE

The fourth offer, with possible other accommodation uses including IPAS given continuing strong demand on this front also, is a former nursing home in the north Cork village of Churchtown, 18km north west of Mallow.

It’s vacant, with 50 bed spaces across 47 bedrooms and is on the largest site of the four, at 5.44 acres: The guide price is €2.1m.

No reason for its vacancy is revealed, while a Hiqa report from 2023 was broadly positive, but highlighted some fire protection issues at the time.

Gerard Murphy is acting as liquidator over Galway and Churchtown and receiver over the holding companies for Killaloe and Charleville. “All of the nursing homes are purpose-built in well-located areas,” commented CDA’s Margaret Kelleher and Edward Hanafin, with a data room established for further details, income levels etc and tender offers are sought by May 22.

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