Deerpark House Nursing Home, located near Bantry, Co. Cork, is a purpose-built nursing home that is currently registered with HIQA for 50 residents.
Deerpark House Nursing Home is located within two miles of Bantry, Co Cork, just off the N71 Bantry to Drimoleague road, and close to the well-known Westlodge Hotel.
The original nursing home was opened in September 1999 and consisted of 34 beds. It was extended in 2007 by adding 16 beds, communal space, and staff and office facilities. The nursing home is compliant with the HIQA physical standard criteria and is an approved VHI convalescence centre. The home occupies a 1.8 acre site with the possibility of further expansion.
Deerpark consists of 42 en suite single bedrooms, and four en suite twin bedrooms with bedroom sizes ranging from 10.6m² to 11.75 m². All accommodation is on one level with views of the West Cork countryside. All of the bedrooms are equipped with a telephone, TV and nurse call system. The residents benefit from a choice of three communal sitting rooms where residents can relax, meet with their families and friends in private if desired and enjoy the stunning views. In addition, there is an activities room and a prayer/quiet room. There is a large, fully equipped kitchen and two dining areas. The home also has a hairdressing salon. Deerpark has its own laundry facilities and it undertakes its own linen washing requirements. There are safe walks around the perimeter of the building and a secure garden.
In addition, there are landscaped gardens surrounding the building with outdoor seating provided. There are ample car parking spaces for visitors and staff. CCTV cameras monitor the premises internally and externally and there are access control systems in place to ensure residents’ safety and a call bell facility. Deerpark Nursing Home is fully equipped with hoists and all necessary equipment to care for the residents’ needs, which have been updated on a regular basis, and thus minimal investment in furnishing or equipment is required at this time.
Investment Start Date: December 2018
Target Exit Date: December 2021
Bond Notional: €3.2 million
Asset Managers: Ditchley Group (Nursing Homes) Management Limited
Ditchley Nursing Home Group (the operator) is headquartered in Cork and comprises seven nursing homes in regional locations throughout Ireland.
The operator has engaged in a consolidation strategy across its homes in order to drive cost efficiencies and revenue enhancements.
Deerpark Nursing Home is a high-quality asset located in an area of strong demand; however, occupancy levels were below expectations in 2019 at circa 86%.
Financial performance for FY19 is behind projections and BlackBee is engaged with the operator to ensure improvement. Current trading is sufficient to meet coupons; however, increase in trading output will ensure that asset value is maximised.
While the source of income into the nursing care sector is primarily government-funded and not considered to be at risk due to Covid-19, the spread of the virus does present a significant operational risk for all nursing home operators.
We are continuously monitoring the situation with the operator to ensure that the increased requirements are met; however, the threat of infection entering the homes is high.