Developers should seek advice over hidden costs

Posted on November 1st, by editor in Caring Times. No Comments

Developers eyeing struggling nursing homes as a source of properties for conversion to stylish homes should seek expert help over hidden costs, according to Simon Gilbert, managing director of Harrogate-based healthcare property specialists GLP. “It is certainly true that some smaller nursing homes which are struggling to achieve profitability may prove to be sound investments for development as executive homes,” Mr Gilbert said. “However, there are pitfalls for the unwary ­ developers or investors should take specialist advice before reaching for the chequebook.” Mr Gilbert said the healthcare property market continued to offer many opportunities for potential investors, especially in respect of larger properties which are capable of meeting new care standards. It is the properties that cannot meet the standards ­ including many smaller nursing homes ­ which may offer opportunities for developers looking to create executive houses and apartments. “The key issues are around acquiring homes for re-purposing

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