I N V E S T
&
d e v e l O P
How it works
Chapmans House is rented from the owner by Fish Hoek Eldercare
(FHEC), which also runs Nerina Gardens and Carlisle Lodge, both of
which are well-established retirement facilities. It is open to active,
healthy, independent people aged 55 and over. Potential residents
have to have a medical before they are accepted, and they enter
into an agreement (not a lease) with FHEC. They can not depend on
the other residents to take care of them, so part of the agreement is
that – if they get sick, or are temporarily disabled with, for example,
a broken leg – they will move out for the duration. They can stay with
family or friends or – if that is not an option – they can go to Nerina
Gardens for sub-acute care, which costs R650 per day.
A Nerina Gardens staff member visits every day from 13:00 to 16:00
to chat, check that everything is okay, deal with any issues, and
generally act as a safety net. There is a weekly tea party, which is a
good opportunity to get everyone together at once, and residents
are welcome to join in Nerina Gardens’ monthly outings.
Residents pay between R6,000 and R9,000 per month, depending
on the size and position of their rooms. The kitchen is fully equipped,
and the communal areas are furnished by FHEC, but residents must
furnish their own rooms.
The other elephant
The only constant is change, so, while the residents may be fully
independent and very healthy when they move in, this is unlikely to
be permanent. Unlike diamonds, true love, extinction, or a life right
or sectional title purchase, residence at Chapmans House is not
forever. So residents need to proactively figure out what the next
step will be. Of course, they are free to move wherever they want
to, but most put their names on the waiting list for Nerina Gardens,
which operates on a rental basis. This will cost between R11,800
and R15,000 (depending on accommodation type and size) for
assisted living, about R16,500 for frail care, and about R17,500 for
the Alzheimer’s unit.
So, is this an opportunity?
A place similar to Chapmans House could be a great way to utilise a
big house, or even to repurpose some other relatively big building.
But, of course, most small developers would not want to be saddled
with the specialised admin associated with ageing residents. So, if
you have a property you think may be suitable for such a project,
you really should consider some kind of agreement with a nearby
established retirement facility – anything from a simple lease to a
management contract or JV.
fishhoekeldercare.com