Investors will have the opportunity to purchase a superbly located, fully let Georgian investment opposite The Mater Private Hospital being brought to the market through property agents Knight Frank. No. 72 Eccles Street is let in its entirety on an FRI lease to The Mater Private and is producing a rent roll of €150,000 per annum and at a guide of excess €2,250,000, will offer an investor an attractive net initial yield of approximately 6.06% after standard purchaser’s costs of 9.96%.
72 Eccles Street is a 4 storey over lower garden level property extending to approx. 382.06 sq. m. (4,112.46 sq. ft.) in total. The property is situated on the south side of Eccles Street, close to its junction with Dorset Street and directly opposite the main entrance to The Mater Private Hospital. The property presents its occupants with a prime location in one of Dublin City’s historic cores.
The entire property is let to The Mater Private at a passing rent of €150,000 on Full Repairing and Insuring (FRI) and Upward Only Rent Review terms. The lease provides for rent reviews every five years from 1st June 2006 and runs to an expiry of 31st December 2030 providing secure income for approx. 11 years term certain.
The property serves as both The Mater Privates Heart and Vascular consultant’s rooms and key administrative functions for the hospital. The Mater Private first opened in 1986 and currently operates in 4 locations, Dublin, Cork, Limerick and Liverpool. The parent company, Infravia Capital Partners, is a France based investment company which currently has approximately €4 billion of assets under management across 4 infrastructure funds.
The property is of traditional Georgian construction and is presented in excellent condition. The building comprises of a traditional red brick façade, single glazed sliding sash windows and situated beneath a pitched tile roof behind a low parapet wall. The front entrance presents cut stone granite steps and wrought iron railings on moulded granite plinth walls along with a feature Georgian style painted hardwood door, framed in Roman Doric columns on plinth blocks with a glazed fan light overhead.
At ground floor level, the property is arranged to provide an attractive reception hallway, two consultant’s rooms, a waiting room and male and female W.C.’s at return level. At garden level, the property is arranged to provide modern office space and a file store. The upper floors are arranged to provide modern office space. The office space is supported by male and female W.C.’s and a kitchenette facility.
Heating is provided for by way of a gas fired central heating system to wall mounted radiators and power and data is distributed by way of wall mounted sockets.
The property has a landscaped and paved yard area to the rear accessed through garden and ground floor levels and provides access to Adair Court.
There is ample provision for parking in the adjacent Mater Hospital car park and on Eccles Street.
The property’s central location means the building is highly accessible by several modes of public transport. Numerous Dublin bus routes operate along Dorset Street, servicing Dublin City Centre and its surrounding suburbs. The property is also within a 10 minute walk of Parnell Luas Stop and a 2 minute walk of Hardwicke Place Dublin Bikes Depot.
The immediate area benefits from excellent amenities including a number of cafes, bars, restaurants and hotels.
The building is within easy walking distance of O’Connell Street and Henry Street, one of Dublin’s prime shopping locations. Gym facilities can be found nearby at Educogym, Eccles Street, which is approximately 45 metres from the subject property.
The property is also situated within close proximity to Mountjoy Square Park, one of just five Georgian Squares in Dublin. Other amenities located close by include Croke Park, The Ambassador Theatre and The James Joyce Centre.
For further information please contact Ross Fogarty or Andrew Colfer at 01 6342466.