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Investment Opportunity - Dunedin Retirement Home FOR SALE - 27th Mar 2014

Investment Opportunity - Dunedin Retirement Home FOR SALE

FOR SALE - DEADLINE 12 NOON THURSDAY 17TH APRIL 2014

GLENDALE RETIREMENT HOME
(Land and buildings only)

Retirement Home complex for sale comprising 26 bedrooms with a further 8 hospital bedrooms under construction. Land and buildings offered for sale subject to current lease to retirement home tenant at $258,731 p.a. (plus GST) and outgoings under a 25 yr term from 24th September 2012 .

Concept development plans for a further 63 hospital beds available for inspection – a significant investment opportunity.

The Retirement Home site is held in two freehold titles totaling 6741m2 plus a boundary adjustment of 897m2 (subject to survey). Also included in the sale is a 4 bedroom residence (in rundown condition) on 2 further freehold titles comprising 1014m2.

Construction of the 8 new hospital bedrooms within an internal courtyard of the retirement home has been suspended pending receivership of the Landlord company – Glendale property Ltd (in receivership).

The current receivership status of the Landlord company, the incomplete construction of the 8 hospital bedrooms and the prospect of a 63 hospital bedroom extension in todays market for retirement accommodation presents an opportunity for a well organised, enterprising new owner to complete the work and create a long term investment in the ever growing retirement business to meet the demands of the aging Dunedin population.

OFFERS INVITED to the Receiver by 12noon 17th April 2014.

Contact by email: iml@insolvency.co.nz

Insolvency Management Limited
www.insolvency.co.nz
Receivers for Glendale Property Limited (in receivership)

Click here for more details.

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