Going concern worth less than site

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

Acting on the instructions of the joint LPA receivers, Maurice Moses and Nick O¹Reilly of Numerica Business Services Ltd, property agents GLP has sold the former Newlands nursing home in Bolton, Lancashire. For many years Newlands fulfilled a healthcare role, originally as a hospital and latterly as a facility offering long-term care for elderly people. The purchasers are Cheshire-based developers, Pollard Homes Ltd, who plan a luxury residential development on the site. Marketing director of Pollard Homes, Gary Illsley, said his company was keen to start developing the prime site as soon as possible. Commenting on the sale, Thalia Turner of GLP said it was unfortunate that such a long-established care facility has disappeared from the Bolton area. “However, the sale underlines the demand for redevelopment opportunities where care homes may be struggling to come to terms with the new requirements,” Ms Turner said. “Site values are higher than the price achievable for the business as a going-concern care home

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