NORTHBROOK Clinic, a dental and medical centre at Northbrook Road in Ranelagh, Dublin 6, is one of the most unusual investment properties to have come on the market in recent years.
Estate agents Turley Associates are quoting €3.8 million for the cut-stone Gothic revival building which is currently producing a rental income of €330,000 per annum.
Investors can expect an 8 per cent return once acquisition costs are taken into account.
The clinic provides a multi-disciplined dental service and has eight medical suites along with additional support facilities. A day centre has been used over the years, mainly for patients having wisdom teeth extracted.
Each of the dental consultants and a plastic surgeon rent their suites under individual leases which range from five years to nine years and nine months.
The clinic has been modernised in recent years and is run on a day-to-day basis through a limited partnership which collects service charges from each of the tenants.
The distinctive building dates from 1836 and was originally used as a nursing home for Protestant army officers. It has a floor are of 930sq m (10,000 sq ft) and 36 off-street car parking spaces. The clinic is close to the Ranelagh Road end of Northbrook Road and is about five minutes’ walk from the Luas station in Ranelagh.
