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Ballyduff West, Kilmeadan, Co. Waterford

€350000

commercial site

  • 3 photos of this property

Property Overview:

  • For sale only.

Property Description:

Proposed single storey purpose built 70 Bed Nursing Home on C. 6 acres. This Greenfield development is ideally located in Ballyduff West, Kilmeaden just off the motorway and central to Kilmeaden village. Full planning permission granted for 70 bedrooms with ancillary accommodation, site works, 50 car parking spaces and landscaping provision, including the connection of the waste water to the new mains drainage system. Investment Highlights With an increase in our aging population and a decrease in the supply within the nursing home sector, this development presents an attractive and lucrative venture opportunity for potential investors or developers. Due to the high demand, the private sector is now required to provide a number of new nursing home beds and this nursing home will possibly be the last development that will be granted planning permission in a rural setting under the current regulations. The State, as a monopolistic buyer of services in the sector has a fundamental role in establishing clear and sustainable policies which can provide greater certainty for funders and operators alike. Significant improvements in living standards and in medical and health care are leading to substantial growth in the numbers living longer and growing older. While this is to be welcomed, it also presents significant challenges surrounding our requirements to meet the healthcare needs of our older population. The following is of key importance: - The number of persons aged 80+ also increased 14%, from 112,912 to 128,529 - The CSO predicts that the very old population (persons aged 80+) "is set to rise even more dramatically" in the coming years. - Currently the population projection for persons aged 65+ for year 2021 is 733,300, which will represent a 37% growth on 2011 population - According to the ESRI the population forecast for persons aged 80+ for year 2021 is 175,700, this will signify a 37% increase on 2011 population. - The ESRI also projects further requirement for 13,324 long-term care places - 888 annually -to meet growth in requirement 2007 - 2021 - The Centre for Ageing Research & Development in Ireland (CARDI) projects the amount of elderly requiring specialist care will increase from 12,270 to 14,502 to 2021 from 2006 numbers. - The World Health Organization and European Observatory on Health Systems and Policies predicts the numbers in long-term residential care in 2016 will be 31,725 - As a standard and recognised international sector benchmark, healthcare developers plan on the basis that 4.5% of our population aged 65+ require long-term residential care. This cohort alone, in Ireland, will surge by 38% by 2021. This will present a shortfall of over 8,000 nursing home beds in the Irish system. Current research (BDO 2014) indicates a trend in the demand for long term residential care has increased significantly due to the increased life span within the Irish population. BDO estimate that there will be a shortfall of 7,986 long term nursing home beds by 2021 alone. Over the five year period 2006 - 2011 the number of persons aged 65+ increased 14%, an increase of 76,467 (467,926 - 535,393) Bed capacity within the nursing home sector is no longer keeping pace with increasing demand for long-term residential care. The nursing home sector has, in the past, benefited from a directly targeted tax based incentive scheme to encourage new development. Careful consideration must now be given to identifying how the State can support or encourage new investment in nursing homes in areas where there is clear evidence of strong demand for long-term residential care. Measures to be considered could include, among others, changes to the treatment of VAT on the development of new beds and the extension of the Employment and Investment Incentive Scheme (EII S) to the nursing home sector. Existing Nursing homes (within both the public and private sector) currently have until the year end of 2015 to conform to the standards for physical environments charted by HIQA (the Health Information and Quality Authority). These include standards pertaining to a minimum of 9.3 sq m usable floor space in all single bedrooms; shared bedrooms must be 7.4 sq m per resident; there should be no more than four residents per room; there must be one toilet to every six residents and one bath to every eleven residents, safe outdoor space with seating are also required. Nursing homes that were built during the period of the capital allowances scheme should fulfil these standards, yet private homes and some public homes built prior to this will struggle to comply. For more information please contact Michael on 086 3866406.

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