Investor in €1.65m medical suite deal
A private investor has paid €1.65m for six medical suites and the management company within St Raphael's House on Dorset Street, Dublin 1.
Located within a short walk of four of Dublin's major hospitals - the Mater, Mater Private, Rotunda and Temple Street Children's Hospital - the suites are producing rental income of €124,287 per annum.
As part of the transaction which was brokered by Stephen Conway of Colliers International, the purchaser also acquired the management company, which is producing additional annual income of €22,500.
The property is fully let in its entirety on a sub-lease to The Mater Private Hospital for a term of 20 years from July 2013 with a break option in 2023.
Based on the purchase price of €1.65m, the new owner can expect to benefit from a net initial yield of 8.52pc.