For Sale – The Lodge Care Home, Lodge Lane, Collier Row, Romford, RM5 2ES

Summary
• A high specification purpose-built care home.
• Registration for 94 service users – Residential care.
• 90 no. single bedrooms, 2 no. shared bedrooms.Effective capacity 92 residents.
• 72 no. ensuite bedrooms (WC & WHB)
• Freehold sale – Management operated
• Current occupancy: 96% (88 residents)
• Monthly (Oct) fee income c. £210,000
• Offers invited in the region of £5,000,000
• All enquiries via O’Kane Commercial/Bespoke Care – Ref: BC/881

Location
The Lodge care home is located in a suburb of Romford called Collier Row, approximately 2.5 miles from Romford town centre. The home is in close proximity to the A12 providing excellent transport links to London.
Romford is a large town in East London and the administrative centre of the London Borough of Havering. It is located 14.1 miles north-east of Charing Cross and is one of the major metropolitan centres identified in the London Plan.

The Care Home
The care home was purpose built in 1996 and subsequently extended. It was erected in red brick beneath a tiled roof, with rendering in a neutral colour. The home is registered and provides accommodation for 94 service users, to include 2 shared bedrooms. The effective capacity is 92 service users. In total, 72 no. bedrooms benefit from en suite facilities comprising wash hand basin and WC. The accommodation is laid out over 2 floors, serviced by 2 no. passenger lifts. The home includes the usual day space, laundry, and kitchen accommodation.

Floor plans are provided within the dataroom.

The Business
The care home commenced trading in 1996 and enjoys a good reputation, evidenced by its strong occupancy levels and current ‘Good’ rating from CQC.
• Occupancy levels currently reflect c. 96% with 88 service users in situ,
• Monthly fee income of c. £210,000 (Oct 21)
• Average Weekly Fee (AWF) of £691.00 per resident per week.
• EBITDA generated was c. £49,000 (Oct 2021).

Trading Information and Accounts
Financials will be made available to interested parties.

Planning Permission
Information pertaining to the planning permission at the subject property is available within the dataroom.

Energy Performance Certificate
Energy Performance Certificate No: 0920-0035-2039-3305-4006.

Registration/CQC
Presently the care home is registered for 94 service users with CQC. No approach should be made to CQC without the prior consent of the vendor. The Lodge Care Homes latest CQC inspection was undertaken in Nov 2020. It received a ‘Good’ rating in all categories.

Tenure
Freehold.

Services
We understand that the property has the benefit of full mains services.

Basis for Sale
Indicative Offers will be invited for the operational freehold care home. All bids should be in writing and supported with Proof of funding.
The joint selling agents will then invite a small number of chosen bidders to view the care home prior to final offers.

Viewing
There will be no initial viewings due to Covid-19 restrictions.
Thereafter viewings will be strictly by appointment only with the vendor’s Joint Agents. Under no circumstances should a direct approach be made to the owners or operators.
All parties attending will have to undertake a Lateral Flow Test and provide evidence of a negative result.

If you require further information, please contact O’Kane Commercial or Bespoke Care.

O’Kane Commercial
Mark O’Kane
mark@okanecommercial.co.uk
07834084189
Bespoke Care
Anita Allen
aallen@bespoke-care.com
07963562617

Nursing Home Site, Carrickmacross, Co. Monaghan.

For Sale Nursing Home Site. Ready to Go for 90 bed Nursing Home, Carrickmacross, Co. Monaghan.

• Development Site with Full Planning Permission for 90 bed Nursing Home.
• Located on the edge of Carrickmacross Town Centre.
• Proposed development over 3 storeys on a site of c. 3.51 acres (1.42 hectares).
• Potential D&B, Site Sale or Lease considered.
• Services the local villages and towns.

Situation
Carrickmacross is a town in County Monaghan, Ireland. The town and environs had a population of 5,032 according to the 2016 census, making it the second-largest town in the county. Carrickmacross is located c.23km west of Dundalk and 18km south of Castleblaney. Dublin is located c. 90km south of Carrickmacross.

Location
The subject site is located fronting Castleblaney Road, to the north of Carrickmacross town centre. It benefits from its proximity to the town centre (1.2km) and the N2 road network (0.25km). The site is ideally suited to provide access to the local amenities, bus routes and the main road network. The proposed development will service the care needs of the local towns and villages within Co. Monaghan.

The Property
The proposed nursing home will provide 90 single en-suite bedrooms over three floors as follows:

• Lower Ground 27 beds 1,795 sq.m
• Ground 34 beds 1,771 sq.m
• First 29 beds 1,661 sq.m
• Total 90 beds 5,227 sq.m

The proposed bedrooms will range in size from 16.6 sq.m – 20.1 sq.m with full wet room provision.

Planning
The proposed development was granted Full Planning Consent by Monaghan County Council on the 14th March 2019 under reference: 18-364

Site Area
The proposed care home occupies a very prominent site of c. 3.51 acres (1.42 hectares).

Existing Provision & Fair Deal Rates
At present, there are 5 no. Voluntary/Private nursing homes in Co.Monaghan, with only 1 home located in Carrickmacross. The current Fee rates in Co. Monaghan vary from €940 to €1,010 per week. The highest fee achieved is at Castleross Nursing Home, Carrickmacross. Castleross is situated in a rural location approximately 6.0km north of Carrickmacross town centre.

Pricing
* Price On Application
VAT – Any VAT arising as part of the transaction will be the responsibility of the purchaser. Purchasers are requested to make their offers exclusive of VAT.
STAMP DUTY – This will be the responsibility of the purchaser.
BER Rating – Not applicable.
Site Viewing – Strictly by appointment only, with the Vendors Agent, O’Kane Commercial.

For further information or to view please contact:

Mark O’Kane
+44 7834 084 189 or
mark@okanecommercial.co.uk

Priory Care Home Investment Portfolio NI

Care home portfolio for sale Northern Ireland .

3 Care Homes Leased to Priory Group for sale. Including Apple Mews, Armagh and Edenmore, Jordanstown. Offers invited in the region of £14,366,000

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Opportunity to acquire 3 purpose built Care Homes, leased with Priory Group as Guarantor for 25-30 years. Can be acquired together or separately. We are seeking offers in excess of £14,366,000 (net of 6.8% purchasers costs), subject to contract, for the freehold interest of the three properties, exclusive of VAT. This offer reflects a net initial yield of 6.7%.

Features of these properties

Apple Mews 1

• Apple Mews is located within a residential culde-sac off Cathedral Road, which is only 600 metres into the centre of Armagh.
• Comprise 5 x 6 bedroom bungalows (modern purpose built)30 beds
• Term: 30 years from 29th October 2012 (c25 years unexpired)
• Current rent -£223,000 per annum (£7,433 per bed per annum). Based on latest accounts, this provides c3.21X rent cover.
• Priced individually at £3,314,000 (reflecting a NIY of 6.3%)
• Guarantor: Priory Investments Holdings Limited, Tenant: Priory (Watton) Limited

 

Apple Mews 2

• The Apple Mews 2 development is to be an extension to Apple Mews 1.
• The development will comprise 2 x 6 bedroom bungalows and 2 x 11 bed units; a total of 34 beds
• Works are due to complete on Apple Mews 2 in Q1 2018,
• Starting Rent: £391,000 p.a. (£11,500 per bed per annum)Rent Forecast 2020: £410,794 (after 2 rent reviews) –2.26X rent cover*
• Priced individually at £5,230,000 (reflecting a NIY of 7%)
• Guarantor: Priory Group No. 3 Limited, Tenant: Parkcare Homes (No. 2) Limited

 

Edenmore Jordanstown

• Edenmore is located on the coast off the M5 within Newtownabbey which is a is large settlement, approximately 8 miles north of Belfast in County Antrim
• Newly built 36 bed unit which opened fully in February 2017. Comprises 2 parts –Loughshore& Shaftsbury
• Loughshore is a specialist autism service for people aged 18 years and over with a learning disability, who may at times present behaviours that challenge.
• Current rent: £414,000 p.a. (£11,500 per bed per annum) = 3.52X rent cover*
• Priced individually at £5,829,000 (reflecting a NIY of 6.65%)
• Guarantor: Priory Group No. 3 Limited, Tenant: Parkcare Homes (No. 2) Limited

 

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