Dublin medical centre for sale at €3m

A Dublin-based medical centre is among the latest round of property investments to be offered for sale. The Savills agency is quoting €3 million for the Grange Clinic on the Grange Road in Donaghmede, Dublin 13, which will show a net return of 7.5 per cent after acquisition costs are taken into account.

The medical centre was developed in 2008 by two local doctors, and adjoins the Donaghmede Shopping Centre. Roisin Rafferty of Savills says investors will be aware that general practice medicine has changed in recent years. The emergence of primary care centres and clustering of GPs and other healthcare professions in purpose-built facilities had become an established trend. Grange Clinic is a prime example of this clustering effect, with the facility offering multidisciplinary services, she said.

A Boots pharmacy with a dispensary occupies a ground floor unit of 125sq m (1,345sq ft) alongside a café and a barber’s shop. Boots pays a rent of €55,000 per annum, the highest in the centre which produces an overall rent roll of €242,008.

The next highest rent of €36,585 is paid by Smart Dental Care for a second-floor clinic extending to 99.5sq m (1,070sq ft).

The upper floors are occupied by other private healthcare providers including two group GP practices, a physiotherapist, a chiropodist, an acupuncturist, a psychologist and the Dean Clinic of St Patrick’s psychiatric hospital which provides an outreach community mental health service.

The medical centre has an overall floor area of over 797sq m (8,581sq ft) and ample parking for clients.