Opportunity To Acquire 71 Bed Nursing Home And 29 Retirement Cottages

Castlemanor Nursing Home for sale with guide price in excess of €5.5 million

Dublin, 16 May 2017 – CBRE Healthcare have confirmed their instructions to offer Castlemanor Nursing Home and a selection of retirement units for sale by private treaty. The home is offered for sale on the instructions of Mr Kieran Wallace of KPMG Receiver over Certain Assets of Desmond Murtagh (In Receivership). Castlemanor Nursing Home is located just outside Cavan Town and is conveniently located just off the N3 motorway.

Purpose built and first opened for business 10 years ago, Castlemanor is now a well-established and successful 71 bed nursing home business easily accessible from all areas of Ireland. The home is being sold as a going concern and the sale offers investors and operators a superb opportunity to acquire a profitable and well run nursing home with excellent ancillary and supporting facilities. In addition, there is an opportunity to acquire 29 two bedroom bungalows within an 89 unit retirement village alongside the home.

  • Located in the townland of Drumalee, just off Drumalee Manor road which is 2 kilometres north of Cavan town centre.

  • Cavan town is located in the northern portion of the country, close to the border with Northern Ireland, approximately 120 kilometres north-west of Dublin, 55 kilometres north east of Longford and 50 kilometres south west of Monaghan. Other towns located nearby include Belturbet, Ballyhaise and Cootehill.

  • The population of County Cavan is 76,092 (source: CSO 2016).

Investment Highlights

  • Established business over 10 years.

  • High Occupancy level c. 98%

  • High Fair Deal bed rate at €955 per bed per week.

  • Steady trading results with growth potential

  • Strong profitability.

  • HIQA compliant

Click here to access the dedicated website and dataroom. 

Cormac Megannety, Director, Head of Healthcare
“This is one of only a few strong nursing home performers to come to the market in recent years. The possibility of acquiring new bed stock is foremost in the minds of most nursing home operators as they seek to satisfy the ever growing demand for bed spaces countrywide. Castlemanor  presents in excellent condition, is very well managed and maintained and most importantly has shown strong profitability over the years. There is a total of 69 single bedrooms and only one double, all secured on a very high and workable Fair Deal rate.   Castlemanor also has the added attraction of having 29 two bedroom bungalows offered with it, which could be used for independent living, retirement units or step down facilities linked to the nursing home itself.”
Cormac Megannety, Director, Head of Healthcare

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

CBRE U.C., registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company, now employing over 132 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie.