Serviced Apartments And Retirement Care Homes Business For Sale

Business description

This is an excellent opportunity to aquire a well established business, which has a unique service proposition

Established in 1997, this privately owned company has gradualy evolved,.offering a choice of serviced appartments for the retired. There are two options for the elderley, either to rent the appartment or to buy.

On the site there are in total 21 appartments, of which ten are sold and ten are currently rented. There is one other appartment which is occupied by the on site manager and his wife. There is a communal day room which is also used as the dining room for the residents.

The manager and his wife look after all aspects of the daily running of the site, including cooking, cleaning,servicing,laundry and all other jobs.

Revenue comes from the weekly rental of the appartments, on average £290 per week, and a yearly service charge of £600 for the owned appartments plus a ground rent of £100 per year.

Customer Service:

Each of the rented apartments is individually designed, with a lounge/kitchen area, bedroom and bathroom. There is a small area outside with chairs and parasol overlooking a courtyard. The apartments are fully furnished with TV, cooker and fridge. The weekly fee includes all bills, rent and services plus two meals per day, with fresh bedding provided weekly.

The apartments which have been sold have still the option to use the services provided. They pay a maintenance fee and a ground rent yearly, but can pay extra for cleaning, servicing handyman jobs and meals. Most of the owners take regular advantage of the 24hr per day help which is on hand.

Key Strengths:

The apartments are situated in a beautiful location within a large courtyard in the Vale of York. The tranquil and immaculately kept courtyard is the perfect place to spend your retirement. The local town is just a short journey by bus , with shops and facilities available.

There are still eleven properties which are owned by the company. The current plan is to sell four of these and use the other eight for rental, but this could be altered to suit the needs of the new owners.

There is a shifting population change within the UK, and retirement homes are becoming more and more popular. This is an excellent revenue stream with potential for new owners to build on the solid foundations laid and bring in new ideas to the business.

Financial Information:

The business is being offered for sale on a going concern basis, all financial discussions will take place directly between the vendor and all interested parties under the auspices of Turner Butler.

Revenue is circa £130,000 per annum with the latest valuation of the properties owned by the company at £935,000. A combination of rental and sales of the properties could bring in an immediate revenue stream.

Property information

Property:

Freehold

Location:

There are twenty one apartments and a day room situated in a large courtyard in the beautiful, Vale of York. Ten of the apartments have been sold with ten apartments which can either be used for renting out or for sale. The other apartment is used by the on site manager and his wife. There is a day room, which doubles up as a dining room and there is a good sized adjoining kitchen.

Outside the apartments is a lovely well kept courtyard with chairs, tables and parasols for the residents to enjoy the peace and quiet of the area.

Business Operation

Expansion potential:

There are still some properties which are available to rent. The current owner realises that the company are missing out on valuable income by having them vacant. New owners with marketing expertise and good contacts could easily fill these properties and maximise these assets.

There is an excellent opportunity to provide more care to the occupants. Currently any care provided comes from out sourced individuals or social services. Further income could be realised if the company put a care facility in place on the site, or place a contract exclusively with an external source.

Reasons for selling:

The owner would like to concentrate on his other business interests.

Employees:

The owner looks after all of the financial matters within the company and there is a manager, who together with his wife, run the site on a daily basis.

Years established:

1997

Other information

Support & training:

The owners would be happy to help out with a smooth sale transition of the business and help in anyway possible.