An attractive net initial yield of 6.06 per cent is on offer from the sale of a fully-let Georgian investment opposite the Mater Private Hospital in Dublin centre.
No 72 Eccles Street has been brought to the market by agent Knight Frank at a guide price of €2.25 million. The property, which is let in its entirety to the Mater Private on a full repairing and insuring lease until December 31st, 2030, is producing a rent roll of €150,000 per annum. The lease provides for upward-only rent reviews every five years from June 1st, 2006, and provides secure income for approximately 11 years term-certain.
The subject property serves as both the Mater Private’s heart and vascular consultants’ rooms, and provides key administrative functions for the hospital.
The Mater Private first opened in 1986, and currently operates in four locations, Dublin, Cork, Limerick and Liverpool. The parent company, Infravia Capital Partners, is a French-based investment company with approximately € 4 billion of assets under management across four infrastructure funds.
No 72 Eccles Street is a four-storey over lower-garden level property extending to 382.06sq m (4,112.46sq ft) in total. The property is situated on the south side of Eccles Street, close to its junction with Dorset Street and directly opposite the main entrance to the Mater Private Hospital.
Georgian construction
The building itself is of traditional Georgian construction, and is presented in excellent condition. It comprises of a traditional red-brick façade, single-glazed sliding sash windows and is situated beneath a pitched tile roof behind a low parapet wall.
The front entrance has cut-stone granite steps and wrought-iron railings on moulded granite plinth walls, along with a feature Georgian-style painted hardwood door, framed in Roman Doric columns on plinth blocks with a glazed fan light overhead.
At ground floor level the property comprises a reception hallway, two consultants’ rooms, a waiting room and male and female WCs at return level.
At garden level the property includes office space and a file store. The upper floors comprise office space, male and female WCs and a kitchenette.
The property has a landscaped and paved yard area to the rear accessed through garden and ground floor levels, and provides access to Adair Court.
Public transport
Ample car parking is available both in the adjacent Mater Hospital car park and on Eccles Street.
The subject property is also highly accessible by public transport. Numerous Dublin Bus routes operate along Dorset Street, servicing Dublin city centre and its surrounding suburbs. The property is also within a 10-minute walk of Parnell Luas stop and within a two- minute walk of the Hardwicke Place Dublin Bikes station.
