Agent TWM is guiding a price of €3.915 million for a well-located medical investment opportunity in south Dublin.
The prospective purchaser of the Slievemore Clinic in Stillorgan can expect to secure a net initial yield of 7.5 per cent once standard purchasers' costs of 8.46 per cent are assumed.
The subject property is a leading private general practice offering a broad range of services to clients including a large general practice, men’s health screening, physiotherapy, dental care, acupuncture and pilates, rheumatology, dietitian, Allergy Ireland, podiatry, psychiatry and the all-important on-site pharmacy.
Slievemore Clinic is located on the Old Dublin Road in Stillorgan within a short distance of Stillorgan Shopping Centre and close to both US real estate firm Kennedy Wilson’s proposed 232-unit scheme of apartments on the Stillorgan Leisureplex site and the 548-student bed spaces Cairn Homes is delivering on the adjacent site.
Well-positioned suburb
Stillorgan is a particularly well-positioned south Dublin suburb, situated just off exit 14 of the M50 and between the Luas green line and the N11. Numerous Dublin Bus routes serve the N11 quality bus corridor linking the property to St Stephen’s Green in just 20 minutes.
Slievemore Clinic is almost fully occupied with one first-floor medical suite of 596sq ft available to let at €40,000 per annum. The entire purpose-built medical building completed in 2007 has approximately 338sq m (3,644sq ft) of medical rooms and very generous ancillary accommodation and waiting areas bringing the total square footage to approximately 635sq m (6,843sq ft). The total annual rent is currently €318,548 per annum, including a one-year rent and service charge underwrite on the vacant medical suite.
Patricia Ward, who is handling the sale on behalf of TWM, says shes expects there to be “good interest” in the property. The presence of a weighted average unexpired lease term of over eight years is expected coupled with the property’s high-density location is expected to encourage investor appetite.
