QRE Real Estate Advisers have brought 296 Kimmage Road Lower to the market for sale by way of online auction.
296 Kimmage Road comprises a dental surgery at ground floor level, with a two-bed apartment at first floor level. The property has been in dental use since c. 1960. Prior to that, the property was in residential use.
The surgery was extended and upgraded in c. 2009 to provide additional modern dental accommodation and staff ancillary space. Accommodation includes a waiting area, reception area, 4 dentist/hygienists’ clinics, access enabled W/C, a staff canteen, x-ray room, and ancillary admin rooms.
The ground floor has been fitted out to a very high standard, complete with approx. 7 off-street car parking spaces to the front for patient use, and extends to a total gross internal floor area of approximately 180 sq. m. (1,937 sq. ft.).
The 1st floor, two bed apartment benefits from own door access at ground floor level from the car park. The apartment comprises a hallway, storage room, bathroom, a box bedroom, a master bedroom, and a large kitchen / living area. The apartment extends to approximately 56 sq. m. (603 sq. ft.).
The ground floor is let to Dental Care Ireland Management Limited on an IRI lease from the 1st of November 2021 for a period of 20 years. The passing rent is €42,500 per annum. There is a tenant- only break option at the end of year 10 subject to six months’ notice in advance.
The first floor is let on a fixed term lease of 12 months from the 14th of April 2022. The passing rent is €17,916 per annum (€1,493 per month).
The guide price of €800,000 represents a Net Initial Yield of approximately 7%.
Harry Byrne of QRE comments that “the subject property will appeal to a number of investor categories including private pension investors seeking stable rental income with minimal asset management”.
The legal pack can be viewed prior to the auction via the QRE website.