Private investors pay €4.75m for medical-use portfolio
MNK Partners
has secured an uplift of 36 per cent on its original outlay of €3.5 million in a fully let medical-use property portfolio distributed across
Dublin
,
Kildare
and
Clare
. The investment comprising four assets in Lucan, Maynooth and Ennis has been sold for a total of €4.75 million to two private investors, having been offered to the market by agent
Colliers
at a guide price of €5 million in February of this year.
The details of the portfolio are as follows:
Ballyowen Lane, Lucan, Dublin
This property, located on the first floor of a well-established medical facility, is fully let to Centric Health Primary Care Limited and is generating €101,365 annually in rent. The lease expires in 2039, providing an unexpired term of 14.8 years. The property is guiding at €1.5 million, reflecting a net initial yield of 6.1 per cent and a capital value of €219 per sq ft.
Ballyowen Castle, Lucan, Dublin
This ground-floor medical unit is occupied by Centric Health Primary Care Limited, producing a passing rent of €32,010 a year, and with an unexpired lease term of 14.8 years. The guide price of €485,000 reflects a net initial yield of 6 per cent and a capital value of €245 per sq ft.
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Unit 2, Manor Mills, Maynooth, Kildare
Located in Manor Mills Shopping Centre, this medical suite is occupied under a long-term lease by Centric Health Primary Care Limited, generating €25,000 annually. The lease expires in 2039, offering an unexpired term of just under 15 years. The guide price of €400,000 reflects a net initial yield of 5.68 per cent and a capital value of €236 per sq ft.
Francis Street, Ennis, Co Clare
This property is let to Centric Health Primary Care Limited, the OPW and Claremed Pharmacy, and is generating a gross rent of €256,115 a year, with an unexpired lease term of 7.21 years. The property is guiding at €2.6 million, reflecting a net initial yield of 7 per cent and a capital value of €282 per sq ft.
One purchaser acquired the Ennis property, while the remaining three were acquired by another investor. The sales completed just three months after the portfolio was brought to the market, with all transactions closing simultaneously.
Niall Delmar of Colliers handled the sale on behalf of MNK Partners. He said: 'The portfolio attracted good interest, particularly from private investors focused on long-income opportunities. There's clearly still demand for secure, income-producing assets from local private investors and we're pleased to have delivered a combined net initial yield of 6.9 per cent.'
'The transaction underscores the ongoing appeal of healthcare investments, driven by stable occupational performance and long unexpired lease terms. Despite wider market uncertainty, investor appetite remains firm for essential-service assets offering reliable returns.'
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