Investors looking for a long-term income producing opportunity in Ireland’s rapidly-expanding primary care sector may be interested in a portfolio of four properties being offered to the market by way of sale and leaseback at a combined guide price of €4,105,000.
Located in Lucan, Co Dublin, Maynooth, Co Kildare and Ennis in Co Clare, the four properties are all occupied by Centric Health Primary Care Ltd on 20-year leases dating from November 2019, and are producing a combined annual rental income of €380,000. The portfolio is being offered for sale through agent Cushman & Wakefield in one lot or individually. The details are as follows:
• 1st Floor, Ballyowen Lane, Lucan, Co Dublin
A part of the Ballyowen Community Centre, this GP practice extends to 636.38sq m (6,850sq ft ) and comprises 11 consultation rooms along with a medical assessment area and four treatment bays with a clinical station. Offers in excess of €1,185,000 are invited, reflecting a net initial yield of 8 per cent .
• Ground Floor, Ballyowen Castle, Lucan, Co Dublin
The property comprises an own-door dental practice of 183.89sq m (1,979.4sq ft) with shared car parking to the front of the Ballyowen Shopping Centre. The subject property consists of four dental surgery rooms, sterilisation room, office, waiting room, reception, store room, toilets and a staff room. Offers in excess of € 375,000 are invited, reflecting a net initial yield of 8 per cent.
• 1st Floor, Manor Mills, Maynooth in Co Kildare
This property extends to 157.8sq m (1,698sq ft) and comprises a reception/ waiting area, and five consultation rooms. Offers in excess of € 315,000 are being invited for this property reflecting a net initial yield of 8 per cent.
• Francis Street, Ennis, Co Clare
This two-storey property extends to 1,524sq m (16,404sq ft)and has 33 surface car parking spaces to the rear. The first floor is occupied by the OPW while the ground floor is tenanted by Centric Health Primary Care Ltd and a pharmacy. The property is generating total rental income of € 230,000 per annum. Both Centric Health Care Ltd and the pharmacy are on 20-year leases from 2019 while the OPW's 20-year lease is due to expire in June 2022. The property is being offered sale at a guide price of €2.23 million, reflecting an 8 per cent net initial yield.
