Medical suites leased to Mater

Six of the 21 newly refurbished medical suites in St Raphael's Private Medical Clinic at 81-84 Dorset Street, Dublin 1, are to be offered for sale through Colliers International.

The six suites, mainly located in an annexe to the main building, are let on a sub-lease to the Mater Private Hospital for a term of 20 years from July, 2013, with a break option in 2023. Each of the suites is let at €23,045 per annum, equating to an overall rent for the six of €138,270.

Purchasers will also have the option to buy the management company, Hinton Commercial Limited, which earns a fee of €25,000 per annum or five per cent of the total rent of €500,000.

John Shannon of Colliers is seeking offers in excess of €1.5 million for the suites and the management company which will show a net initial yield of 10.4 per cent.