Healthcare Investment Opportunity with Value-Add / Development Potential
(Tenants Not Affected)
INVESTMENT SUMMARY
– Healthcare Investment Opportunity
– Located in the heart of Dublin 6, just 1km South of St Stephen’s Green – Approx. 929.39 sq.m. GIA accommodating 12 medical /dental suites with on-site parking for approx. 24 cars
– All suites are fully occupied, producing a current rental income of €329,951 – WAULT in the order of approx. 4.5 years
– Strong value-add / development potential with the opportunity to add approx. 343 sq.m. GIA / 5 additional suites to the rear of the property (SPP)
LOCATION
One of Dublin’s most sought after-neighbourhoods, Ranelagh is a vibrant commercial and residential hub in Dublin 6 that borders both Dublin 2 and Dublin 4 offering a rare combination of an upmarket location, which is complimented by the ease of access to the city centre.
Superbly located on Northbrook Road, the Northbrook Clinic is well positioned in Dublin’s greater CBD, with St Stephen’s Green, Fitzwilliam Square and Grand Canal just a short walk from the property. Aside from its affluent residential offering, major commercial occupiers in the local area include Amazon, WeWork, Zendesk, and LinkedIn’s Wilton Plaza campus.
The immediate area is home to popular restaurants such as The Suesey and Forest Avenue, cafés such as Canal Bank and 3FE and hotels such as The Clayton (one on Burlington Road & one at Charlemont), The Devlin and The Mespil Hotel. The property is also surrounded by an array of outdoor amenities and parks with Dartmouth Square, Iveagh Gardens, Mount Pleasant Lawn Tennis Club and Leinster Cricket Club, all a short stroll from Northbrook Road.
TRANSPORT
The property benefits from excellent connectivity owing to its close proximity to both the Quality Bus Corridor (QBC) that passes on Leeson Street and ease of access to Dublin’s LUAS light rail network with the Charlemont Station located just 350 metres away. Many bus routes service the area including the 7B, 7D, 11, 46A, 46E, 116, 118, 145 and 155 routes. The Grand Canal Cycle Track is located along the nearby canal with multiple Dublin Bikes Stations along its route
DESCRIPTION
The Northbrook Clinic is a three-storey detached Gothic Revival style building designed by the architect W.G. Murray.
With a strong asymmetrical design, it presents as a unique detached trophy building. The walls are built of granite with dressings of Drogheda limestone. The building sits under a traditional timber cut slate pitched roof with a variety of ornamental ironwork on and around its roof and façade. The most striking attribute is it’s tower feature with copper clad, now part, spire. The property is currently in use as a Specialist Medical Consultants Clinic that was established in 1993. Refurbishment and modernisation of the protected structure was undertaken to provide a specialist medical / dental centre of excellence. The Northbrook Clinic continues to evolve as it embraces a more multi-disciplinary approach to healthcare and its long-established popularity has made its suites highly sought after by practicing medical/dental/cosmetic consultants.
The clinic benefits from being fully occupied accommodating 12 dental/medical consultant suites, many of which have a long-established presence within the facility. Vertical access to all three floors is facilitated by both passenger lift and internal stairwells. The property also benefits from 24 dedicated surface parking spaces.
VALUE ADD / DEVELOPMENT POTENTIAL
The existing site footprint also lends itself to a possible extension/value-add development opportunity with scope to add further accommodation to the rear of the clinic (Subject to Planning Permission). A recent conservation architect’s feasibility study estimates that an additional five consultant suites, spanning an additional approx. 343 sq.m. GIA, could be achieved to the rear of the property. Indicative draft feasibility study is available on request.
TENANCY DETAILS
The property is fully let and operates on an ‘effective’ Full Repairing and Insuring basis through the administration of a service charge. Passing rent is €329,951 with a weighted average unexpired lease term (WAULT) of approximately 4.5 years.
Full Tenancy Schedule available by request.
SCHEDULE OF ACCOMMODATION
The building extends to approx. 929.39 sq.m. / 10,005 sq.ft. GIA.
Note: Areas stated are estimated only and interested parties should fully satisfy themselves as to their accuracy.
ZONING
The Northbrook Clinic is zoned Z2 “Residential Neighbourhoods (Conservation Areas)” within the Dublin City Development Plan 2016-2022. “To protect and/or improve the amenities of residential conservation areas.’’
BER Details: BER Exempt
Negotiator Details
VIEWINGS
Viewing strictly by appointment through Joint Agents
North’s Property and Knight Frank.
DATAROOM
www.northbrookclinicd6.com
