Tue, 05 Apr 2022 | COMMERCIAL PROPERTY
A former care home in Flintshire, North Wales has been brought to market with an asking price of £1.25 million, after the company that operated the facility fell into administration. The Cottage Nursing Home in Mold closed in February 2022 after the collapse of its operating company in September 2021.
Originally built as a school, the 49-bedroom site had operated successfully as a care home for more than 30 years prior to its closure. Joint administrators David Shambrook and Gary Hargreaves of FRP Advisory have now engaged Christie & Co. to bring the property to market.
The property is being sold on a vacant freehold basis, with a full trade inventory. The care home is located on a site covering approximately 0.86-acres in a prominent position close to Mold town centre, offering good public transport routes. Additional features include on-site car parking and landscaped gardens.
The site offers care for up to 52 elderly clients, with most of its 49 bedrooms being en suite. The care home has seen numerous extensions, with the most recent being a wing of 24 bedrooms added only three years ago.
Prior to the collapse of its operating company, the care home was well-established in the Flintshire area, showing historically strong occupancy levels and profitability. According to research from Christie & Co, the area has a significant under-supply of bed-compliant spaces, along with an ageing local population.
The sale is being managed by Christie & Co’s James Knight and Rob Kinsman, who commented: “The former Cottage Nursing Home offers an exciting opportunity for experienced providers to acquire a vacant care home of some considerable scale.”
“Subject to the necessary consents we believe there is clear scope to re-open the care home and once again establish the Cottage as a key social care facility in the community.”
Read more about consolidation in the nursing home sector.
One of the best ways to find properties below market price is to look at recent administrations.
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