The Four Ferns Nursing Home, part of the Virtue Group, is looking to expand its existing facility on the outskirts of Foxrock village in south Dublin.
The nursing home, located on the upmarket Brighton Road, was one of Ireland’s most expensive when constructed at a cost of about €28 million.
Now the operators are seeking to extend the 144-bed nursing home, by adding an additional 33 bedrooms and associated resident amenities.
FWNH Limited, a company of which Cillian and Ronan Willis, founders of the Virtue Group, are directors, has applied for planning permission to demolish the adjacent house, known as Tall Trees. In its place, it is looking to construct one three-storey extension to the east and west wings of the nursing home to accommodate the additional rooms. It is also seeking to supply six further car parking spaces.
The nursing home was developed by nursing home operator the Virtue Group, which also operates Fern Dean in Blackrock. Last year, French care group Emera took a 70 per cent stake in Virtue.
Meanwhile, Belgian nursing home group Aedifica, which only entered the Irish market earlier this year, said it is to invest about €43.5 million in the construction of three brand-new purpose-built care homes comprising 273 en-suite bedrooms for elderly people requiring continuous care. All three care homes will be developed by Whitebox Property Development.
"This transaction will further strengthen our position and visibility in the Irish market, increasing our portfolio in Ireland to more than €180 million upon completion of all development projects," said Stefaan Gielens, chief executive of Aedifica.
The three care homes will be located in residential areas of Waterford city, Kilkenny and Tramore, with capacity of 93 beds, 90 beds and 90 beds, respectively.
Tramore, Kilkenny and Waterford
Construction works in Tramore and Kilkenny have started and works in Waterford city are due to start at the end of October. The Tramore nursing home is expected to be completed by the third quarter of 2022, with the Waterford and Kilkenny homes expected to finish by the first quarter of 2023.
The care homes will be operated by Mowlam Healthcare, an established private player. It is the first time Aedifica has collaborated with Mowlam Healthcare, having previously agreed a deal with Coolmine Caring Services Group for its nursing homes in St Doolagh's in Balgriffin and Millbrook Manor in Saggart.
The care homes will be let on the basis of new irrevocable 25-year triple net leases that are fully indexed to the consumer price index. Upon completion of the works, the initial net rental yield will amount to about 5.5 per cent.
Since the start of 2021, Aedifica has invested some €79 million in Ireland, with a pipeline of a further €62 million, of which €38 million relates to the collaboration with Mowlam Healthcare.