Mon, 07 Feb 2022 | COMMERCIAL PROPERTY
A care home in Gwynedd, Wales has been put up for sale after its operating company fell into administration last year. The Alexandra Nursing Home in Tywyn is a 25-bedroom site, which offers the potential to further extend its capacity.
The operating company behind The Alexandra Nursing Home fell into administration in September 2021, with joint administrators David Shambrook and Gary Hargreaves of FRP appointing Cornerstone Care Solutions to run the care home's operations.
After Cornerstone Care Solutions helped to deliver some stability to the business, it is now being offered for sale, with business property adviser Christie & Co engaged to bring the property to market.
The care home is up for sale on a freehold basis, including all of its fixtures, fittings and goodwill. The price is available upon application to Christie & Co. The property also comes with considerable scope for expansion, having had historic planning permission – now lapsed – for a further six bedrooms.
Despite the care home having fallen into administration amid widespread turbulence in the UK care sector, The Alexandra Nursing Home is described as having strong upside potential. According to research from Christie & Co, the Tywyn area has both a considerable lack of bed compliant spaces, along with an ageing local population, factors reflected in the home's historically strong profitability and occupancy levels.
Joint administrator David Shambrook of FRP said: “The appointment of Cornerstone Care Solutions has provided the stability and expertise the home required to ensure all residents continue to receive quality care. We believe this is now the right time to identify a long-term owner for the home.”
Christie & Co’s James Knight and Rob Kinsman, who are running the sale process, added: “The Alexandra Nursing Home represents a great opportunity for an experienced care operator to acquire an established nursing home with upside potential and will also appeal to new entrants to the market.”
“After a highly-publicised turbulent period in the care sector, occupancy levels at The Alexandra Nursing Home remain strong which has, no doubt, been helped by the experienced and dedicated staffing team at the home.”
One of the best ways to find properties below market price is to look at recent administrations.
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