New market entrant Nilesh Patel and his family have purchased Moorgate Care Home near Yelverton in Devon which is registered with the Care Quality Commission to provide residential care to up to 37 clients over the age of 65 years.

The business occupies an attractive period property, which has been subject to considerable investment in recent years, with the addition of a purpose-built ground floor extension completed in 2017.

The property stands on a site of 3.7 acres which includes formal gardens, sun terrace and patios, as well as a five-bedroom staff house located to the rear of the site. It occupies a semi-rural location within Dartmoor National Park, approximately midway between the West Devon towns of Yelverton and Tavistock.

Since 2004, the home has been owned by husband-and-wife team, Kevin and Noreen Shadrick, who recently decided to sell to retire.

Patel and his family felt the home was exactly what they were looking for. He has a finance background and the family also owns a care home in the Home Counties. 

The Shadricks commented: “We are delighted to have sold the home and we wish Nilesh and his family all the best and we know we have left Moorgate in very safe hands.”

Patel said: “We were very excited when we first viewed Moorgate Care Home earlier in the year and even more thrilled when Kevin and Noreen agreed to sell the care home to us. Now that the purchase has been completed, we are looking forward to working with the management team, the staff, all the affiliated businesses, healthcare groups and local surgeries who help and support the care home in providing the highest level of care to our residents.”

Business property advisor Christie & Co facilitated the sale. Simon Harvey, senior director, care at Christie & Co, said: “This sale is further evidence of the strength of the market in the Southwest, especially for well-run, high-quality and profitable businesses such as this one. Despite the challenges recent years have presented, we are still able to generate strong interest on a wide range of care homes that we are marketing and, with further sales due to be concluded between now and the end of the year as well as more in early 2023, we remain optimistic about appetite for care businesses in the region.”

Moorgate Care Home was sold for an undisclosed price.