Irish investors buy medical centres from France's MNK Partners
Each of the four had included Centric Health, the Irish healthcare provider which provides GP, dentistry and other services, among its tenants.
Three of the investments were acquired by a Dublin investor and located at: the first floor in Ballyowen Lane; the ground floor at Ballyowen Castle in Lucan, Co Dublin; and the first floor at Manor Mills shopping centre in Maynooth, Co Kildare.
The fourth investment at Ennis Medical, Francis St, Ennis, Co Clare, included among its tenants the Office of Public Works, Claremed Pharmacy and Centric.
It was acquired by a Clare investor.
Niall Delmar of Colliers, who represented MNK, 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 6.9pc net initial yield.'
As the leases and terms have recently been renegotiated, as of January 2025 it has a collective average lease term (WALB) of 11.68 years.
With a total floor area of 25,251 sqft, it generates a total annual rent of €414,490.
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Back in our 2007 report on Glenora's re-offer and bids at €1.35m/€1.45m, we noted the sale of up to 14 new builds t Mont Oval Village at c €1.2 million and also included comments from estate agents that there seemed to be up to 20 would-be buyers in the Cork market with €2m to spend. Shades of 2007 again here now in the mid 2020s: the upper end of the Cork market has of late seen seen over a dozen new homes sell for over €1m in locations like the Model Farm Road at Vailima and Merton, at Orchard Road's Ecklinville and at Hettfyfield, Douglas, while the market up to and over €2m once more is strong for older, pre-owned stock. Given the spend on Glenora back in the 2000s, to include purchase price likely to have been around €1.35m and the subsequent addition of two first floor en suite dormer bedrooms and staircase, the expectation is that the enlarged Glenora should again sell in the mid-€1m-€2m price range, but selling now for family, auctioneer Mick McKenna is more cautious, especially in his launch guide at €1.05m. Would-be viewers might expect it to go far higher: the Price Register shows 16 €1m+plus sale with a Maryborough Douglas address (and over 50 in the wider Douglas area), at Maryborough Orchard, at The Paddocks, and on the hill itself, with nearby comparable sales being Creighton at €1.46m in late 2024, and the contemporary and high-end Clonard in 2022 at €1.5m, entered from Maryborough Avenue to the rear. This home, Glenora, originally had its grounds between Maryborough Hill and Maryborough Avenue, but a short-term owner, an architect with canny market instincts, split the site and built a crisp one-off to the back of Glenora, fully out of sight, while also doing a significant upgrade to the original 1960s bungalow which had been a childcare centre at the time of his own purchase in the early to mid 2000s (that previous usage prompted us to drag out the old Cork joke: 'what's a créche? A créche is a car accident off the Rochestown Road.') The architect reworked the interiors well, redoing the kitchen with distinctive 3' teak wraparounds on gloss units and in the utility room and also using quality timbers in floors and doors, putting in teak French double doors in a range of rooms across the now-dormer bungalow's L-shape in the private back garden, including from two of the bedrooms. There's now a choice of up to four ground floor bedrooms (two are en suite) plus two good-sized dormer first floor level ones, each with good en suites and the builder Richard McCoy also added four feature dome-topped green copper-clad dormer windows while doing the first floor, which added c 600 sq ft to the original Glenora's floor area. It's got great living areas too at ground, with a bright kitchen/dining room with overhead domed rooflights, and the utility also has a roof light, with guest WC off, whilst the main family bathroom has a raised bath with solid timber surround. Separately, there's a den/library with French doors to the mature, and private landscaped back garden (done by Frances Collins), but the piece de resistance is the large, party sized main reception room with white marble fire surround and seating area, along with twin sets of French doors (done by Munster Joinery) to the garden/patio. In keeping with the use of good woods in the first year-long 2000s upgrade, internal doors are in cedar, done by SouthWood Joinery, while bathroom tiling came from Richardsons, working well visually since with the last occupants' largely antique furniture mix in dark woods. Coming now to a 2025 market as an executor sale (the very well-known Dr McKenna died in January, predeceased by his wife Miní in 2018,) the detached and enlarged Glenora's in excellent order, with a C3 BER, on pristine grounds facing The Paddocks: new owners might want to do a further round of updates/décor changes to personal tastes, but the bones and space and materials used are all good for starters. VERDICT: In the past 25 year Glenora has itself spanned the age scale, from older occupants through a brief period of ownership by a design-savvy single man to prior use as a childcare centre: betting now is that it's going to be home for a long period to a younger family, possibly traders up from the wider Douglas/Rochestown/Maryborough catchment, or to returnees looking for a Cork home in great nick.
