Dorset Street suites let to Mater Private fetch €605,000
Published 21/05/2015 | 02:30
Colliers have sold Suites 8 and 9 in St Raphael's House, Dorset Street, Dublin 1 for €605,000.
The sale price represents a Net Initial Yield of 7.28pc and is well in excess of the original guide price of €500,000.
St Raphael's House comprises an attractive building that was completely refurbished to the highest standard. The property is laid out to provide a number of consultation rooms and the entire building has been sublet to The Mater Private Hospital. The building enjoys a strategic location on Dorset Street, enjoying close proximity to The Mater Hospital, The Mater Private Hospital, Temple Street Children's Hospital and The Rotunda Hospital.
The property is held under a 20 year lease to the Mater Private Hospital from 2013, currently producing €46,090 per annum with a break option in year 10.
The rent will be reviewed in 2021 in accordance with CPI.
Colliers commented that "there was strong interest in the property given the quality of the building, tenant covenant and long unexpired lease term".