The Lee Clinic - leecliniccork.com Medical Campus Investment Tenants Not Affected - Amazon S3
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The Lee
Clinic
Medical Campus Investment
Tenants Not Affected
L E E R O A D , C O R K leecliniccork.com
The Lee Clinic, Lee Road, Cork
Investment
Highlights
Established medical Occupied by the The HSE accommodation is Block 1 extends to Excellent tenant line up Located within minutes Multi-storey & Limited asset
campus with 100% Bons Secours occupied by Cork University 6,489 sq ft GIA – HSE blue chip tenant of the Bons Secours surface parking for management required
occupancy & recently and HSE Maternity Hospital, Cork & Block 2 extends to Covenant. Limited Hospital and Cork approx. 145 cars 10.2 years WAULT to
completed high University Hospital & the 29,355 sq ft GIA asset management. University Hospital lease expiry and 9.4 years
specification fitout Mercy Hospital WAULT to break option.
The Lee Clinic, Lee Road, Cork
Asset Modern campus
encompassing two blocks of
Overview medical accommodation and
a multi-storey car park located
close to Cork city centre
BLOCK 1 Hospital and Cork University Hospital
BLOCK BLOCK
1 2
at ground floor level where they provide
MULTI-STOREY Block 1 comprises a detached, three oncology and out patient services and
CAR PARK
storey building of modern construction the Cork University Maternity Hospital
with an attractive zinc external finish. who provide fertility services at 1st and
The property extends to 603.7 sq m / 2nd floor level. The common areas of
6,489.17 sq ft GIA over lower ground the property have been finished and
(road level), ground and first floor. The maintained to a high standard. The fit
property is let in it’s entirety to the Bons out includes; tile and wood flooring, a
Secours Hospital where they provide visitor’s main reception with concierge,
consultation services. seating and waiting areas per floor, WCs,
two passenger lifts, suspended ceilings,
BLOCK 2 recessed lighting and air conditioning. A
link bridge connects Block 2 directly to
Block 2 comprises an attractive three the adjoining multistorey car park.
storey medical centre. The property
comprises 22 individual medical suites, MULTI-STOREY CAR PARK
of which 5 are not included in the sale.
These 5 suites are tenanted or owner The multi-storey car park adjoins
occupied and are not affected by the Block 2 and provides for extensive car
sale. The 17 medical suites that form parking over four levels. Access is via
part of the sale have been amalgamated the passenger lift, stairs or enclosed
to accommodate the Mercy, CUH and link bridge from Block 2. There are 145
CUMH and have been recently fitted spaces provided for in total at the Lee
out to provide for high specification Clinic, 106 are located in the multi-storey
medical use. These suites are occupied car park and a further 39 spaces are
by the HSE who trade as the Mercy provided for at surface level.
The Lee Clinic, Lee Road, Cork
Blackpool
Cork St. Mary's
Health Campus
Glanmire
Overview
Bon Secours (10 Mins)
Care Village
(3 Mins) N20
M8
Mercy Hospital
(10 Mins) N8
Affidea
Cork has a population of over 540,000 persons (15 Mins)
and is Ireland’s second largest city. The city
is home to over 40,000 part and full time
Ucc
students attending UCC, Munster Technological N22 (6 Mins) Mater Private
University, St. John’s College, Griffith College (20 Mins)
and the College of Commerce amongst others. CORK CITY Vhi Swiftcare Clinic
(20 Mins)
Cit
Cork Airport provides flights to over 68 (12 Mins) South Infirmary
Bon Secours (12 Mins) N40
destinations including daily flights to London (7 Mins)
and Amsterdam. National transport connections Mahon
include rail, road and bus routes via the M8 Dublin
motorway, N20 to Limerick, N25 to Waterford Mahon Point
N27 (18 Mins)
and the N22 to Kerry. Cuh/cumh
(10 Mins) St. Finbarr’s Hospital
(22 Mins)
The city and county benefits from a thriving hub
N4 0
of global employers across multiple sectors such
as pharmaceutical, tech and financial services
including 140 international companies such as Togher
Wilton Douglas N2 8
Pfizer, Apple, Qualcomm and Dell EMC.
N 71
Strategic location
close to the city N27
Cork Airport
centre, UCC and CUH (20 Mins)
The Lee Clinic, Lee Road, Cork
Tenancy Schedule
Block 1 Block 2
LEASE LEASE RENT BREAK AREA SQ LEASE LEASE RENT BREAK
FLOOR AREA SQ FT GIA TENANT RENT PA FLOOR TENANT RENT PA
COMMENCEMENT EXPIRY REVIEW OPTION FT NIA COMMENCEMENT TERM REVIEW OPTION
10 years &
Ground 4,234.50 MUH 23 April 2021 5th Year None € 80,118.75
8 months
10 years &
Bon 19 18 Ground 1,698.50 CUH 27th May 2021 5th Year None € 32,400.00
8 months
Entire 6,498.17 Secours Health November November 5th Year End Year 7 €113,717.98
SystemCLG 2021 2031
First 5,193.63
10 years &
CUMH 27th August 2021 5th Year None €163,800.00*
8 months
Second 3,428.33
Total 14,554.96 - - - - - € 276,318.75
NB* This rent is the total amount payable by CUMH for Units 9, 10, 13, 14, 15, 16, 17, 18, 19 & 20. The rent commencement date for units 10 and 15 is 12
months later (27th August 2022) than the rent commencement date of the rest of the units. Abated rent for year 1 is €131,250.
The Lee Clinic, Lee Road, Cork
Accommodation Parking Spaces
MULTI-
BLOCK GROSS AREA TENANT SURFACE TOTAL
STOREY
1 6,489.17 sq ft CUMH 6 27 33
2 29,355 sq ft
CUH 2 5 7
MUH 3 14 17
BLOCK FLOOR TENANT AREA SQ FT GIA/NIA
BONS SECOURS 5 25* 30
1 Entire Bons 6,489.17 GIA
CURRENT
2 Ground CUH 1,689.50 NIA 9 27 36
CONSULTANTS
2 Ground MUH 4,234.50 NIA
TOTALS COMMITTED 25 98 123
2 1st & 2nd CUMH 8,621.96 NIA
VISITOR SPACES 14 8 22
NOTE: There are five suites in Block 2 which are owner occupied TOTAL ASSIGNED 39 106 145
and will not form part of the sale. Units 4, 11, 12, 21 & 22 are located
across the ground, first and second floors. TOTAL SPACES 39 106 145
NOTE: *Bons Secours total includes 10 spaces in multi storey under
Income Profile
12 month licence.
WAULT TO LEASE EXPIRY RENTAL INCOME
10.5
10.2
10.1
9.9 38%
BON SECOURS
62%
HSE
BON MUH CUH CUMH
SECOURS
WAULT TO BREAK OPTION HSE RENTAL INCOME
10.1 10.24 10.5
6.9
MUH
CUH
CUMH
BON MUH CUH CUMH
SECOURS
Further
Information
Data Room
www.leecliniccork.com
Tenure 89/90 South Mall, Cork
Solicitor
The property is held long leasehold, see +353 (0)21 427 5454
PJ O’ Driscoll & Sons
data room for further details. cork@cushwake.ie
cushmanwakefield.ie 73 South Mall
VAT Cork
Please see further information on the Peter O’Flynn, Managing Director enquiries@pjodriscoll.ie
data room. 086 250 3944 + 353 (0)21 230 0800
peter.oflynn@cushwake.ie
Viewings
Strictly by appointment with sole agent. Siobhán Young, Senior Surveyor
087 185 4274
BER
siobhan.young@cushwake.ie
A full copy of our general brochure conditions can be viewed on our website at www.cushmanwakefield.ie/terms, or can be requested from your local Cushman & Wakefield office. We strongly
recommend that you familiarise yourself with these general conditions. While care has been taken to ensure that information contained in Cushman & Wakefield publications is correct at the
time of publication, changes in circumstances after the time of publication may impact on the accuracy of this information. PSRA Registration Number: 002607.
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