The more valuable of them is a high-profile bank branch let to Bank of Ireland in Balbriggan which is guiding in excess of €5m. This guide equates to a 9.05pc net initial yield (NIY) which will increase to 9.68pc in April 2028 and 10.36pc in July 2029 due to fixed rental uplifts.
The other investment is Grange Clinic in Donaghmede guiding €3m, reflecting a 7.5pc NIY.
The bank branch is located at 24/26 Dublin Street, Balbriggan and comprises a modern retail building extending to 7,826 sq ft. It is currently producing a total passing rent of €497,324 per annum, with a weighted average unexpired lease term of 8.56 years.
It is let under two leases which feature upward-only rent reviews linked to the higher of the open market rent or fixed 15pc uplifts. These terms provide secure rental growth for investors.
Located on a 0.46-acre site which includes 31 car-parking spaces, it was redeveloped in 2008 and holds a strong BER B3 energy rating.
Dublin Street is the town’s main retail thoroughfare, generating good footfall for the premises.
Grange Clinic is fully occupied and produces a rent of €247,558 per annum with an unexpired lease term averaging 4.15 years.
Extending to 13,409 sq ft over three floors, the ground floor comprises three retail units let to Boots Pharmacy, Grange Barber and Sima café. Occupiers on the upper floors include Grange Clinic and Smart Dental. Grange Clinic offers a range of general healthcare including GP services, while other medical practices in the building include a hair loss treatment centre, physiotherapy, aesthetic services and psychotherapy.
Grange Clinic
Located on a 0.3-acre site including 25 car spaces to the rear, the property occupies a high-profile position on Grange Road, adjacent to the high footfall Donaghmede Shopping Centre.
While the leases for two tenants, Boots and Grange Clinic, expire in 2028, Savills point out that 38pc of the occupiers have been there for over 10 years and 62pc have been in occupation for over five years. It is being sold by an overseas private investor.
Seán Ryan McCaffrey of Savills said the Grange asset offers an opportunity for investors “to diversify their portfolio into the defensive healthcare sector”.
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