Bartra buys Dublin sites for nursing home developments
Richard Barrett’s firm intends to become ‘the premium nursing home brand’ in Ireland
Bartra Capital Property: Grainne Hollywood, development & construction director; chief executive Mike Flannery; and founder Richard Barrett. Their firm intends to become a leader in nursing homes.
Bartra Capital Property, the investment management company founded by developer Richard Barrett, has said it will build and operate multiple nursing homes following the strategic acquisition of Dublin sites.
In June alone, Bartra acquired two ready-to-go nursing home development sites in north Dublin with full planning permission.
Chief executive Mike Flannery intends for the company to become “the premium, and largest, nursing home brand in the country”. After years of limited activity in nursing home development, Bartra has identified the sector as one of its key targets, in addition to housing and renewable energy. And it is not just planning to develop nursing homes – it will also operate them, and already has an in-house operations team in place.
On the Old Ballymun Road in Santry, the company will soon begin development of a 114-bed nursing home, comprising 110 single en-suite rooms and four double en-suite rooms.
It is understood that the 1.06-acre site was acquired in 2015 by one of Ireland’s leading nursing home groups, which then secured planning permission before selling the site to Bartra in an off-market deal in June.
In a second off-market deal with a different nursing home group, Bartra has acquired a 11.12-acre site at Featherbed Lane in Loughshinny, Skerries, where it will construct a facility with 123 single en-suite bedrooms. The site was formerly owned by a private individual who agreed to sell it in 2015 to a nursing home group. The group successfully obtained planning permission and sold it to Bartra last month for an undisclosed sum.
Bartra’s ambition of becoming Ireland’s largest nursing home brand is no small feat, given that there are now a number of investors and operators pursuing development of new homes, or expanding existing ones.
However, Mr Flannery expects that in the coming months Bartra will advance towards its goal “via a strategy of site acquisitions and M&A contracts”.