Cherish Care Homes owns and operates five care homes in the region and instructed Christie & Co to sell Ael Y Bryn, an established care home for the elderly in the suburb of Cwmrhydyceirw close to Morriston Hospital, as it no longer fitted in with the long term strategic plan for the group.
The property has the benefit of historic planning permission to extend the bedroom numbers to 40, a development opportunity that generated a large amount of interest in the market.
Following a comprehensive national marketing campaign, a number of interested parties were introduced with Cherish Care selecting Capital Care Homes as the preferred purchaser. Jayesh Mehta, who already operates a care home in Cardiff, acquired the business with funding from Lloyds Bank.
Rob Kinsman, Director in Christie & Co’s Healthcare team comments, “Despite the recent implementation of the National Living Wage and ongoing staffing shortages in social care, the transactional market remains very buoyant. We have an acute shortage of available care homes and with interest rates remaining at historic lows, we see the current environment being ideal for existing operators to grow their portfolios.
“We are delighted to be able to work with Jayesh and wish him all the very best at Ael Y Bryn.”
Ben Jenkins, Director of Cherish Care comments, “We are delighted to be able to transfer the business to a local operator who has exciting plans to develop the property and take advantage of the historic planning consents.”
Jayesh Mehta, Director of Capital Care Homes comments, “The availability of Ael Y Bryn represented an outstanding opportunity for us to acquire our second care home in South Wales and we very much look forward to working closely with the staffing team, residents and their families.”
Ael Y Bryn was sold off a guide price of £645,000 for the freehold interest.