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Sale Structure: Share Sale
Due to the nature of the situation, we are in process of completing the appraisal.
OTTAWA DOWNTOWN GENERAL PRACTICE AND BUILDING
This is a unique opportunity to purchase a well-managed, efficient general practice and building in the downtown core of Ottawa. The practice is located on the main floor of a fully renovated heritage building. The new owner will have the option to expand to the upper floors or lease to a new tenant. Please note: Both the practice and building must be purchased together.
This established, solo 20 year practice has been in the current location since 2004. The owner, a very caring practitioner, placed a high value on the dental health of his patients which is evident from the number of long standing patients who attend the practice.
The practice has two very large operatories, a staff/sterilization room, business office and private office. Up until May, 2016, the owner practised 4.5 days a week and the dental hygienist 3 days per week. The practice employed one dental assistant and the owner’s spouse operated the business desk. Total revenue in 2015 was $431,335 with net earnings of approximately 37%.
The practice is not computerized, but a physical count of the charts indicates that of the 1,470 charts, approximately 850 patients were treated in the last year. The owner was always concerned about his patients’ ability to afford dental treatment and his practice philosophy was to provide conservative treatment when possible. Therefore, a new owner will benefit from the opportunity to provide major restorative treatment as well as endodontic, periodontal and oral surgery and orthodontics.
Sadly, the owner passed away in July. The practice, however, is still operating on a part-time basis.
The 3-story brick building was built in 1912 and is in excellent repair. It has three fully renovated floors plus a renovated lower level. The main floor is approximately 1,500 sq. ft. and the total square footage of the building is 3,550 sq. ft. above grade with 1,500 sq. ft. on the lower level. The second and third floors are available for commercial lease, but are vacant at the moment pending the sale of the building. They were previously leased at an annual rent of $42,678 gross. The lower level was occupied by a family member and used as a banquet/wedding venue. Projected rental rate for this space is between $12,000 and $18,000 gross annually. The property is zoned R5D (82) H9107 and continuation of a dental practice is permitted (legal non-conforming usage).
There is parking for 10-12 cars in tandem on the site.
Additional Purchaser/Advisor Information:
- The appraisal is in process and will be available by the end of August
- We will have preliminary information available at the Opens
- Two Confidential Opens (by appointment only) are scheduled: Saturday, August 13, 2016 and Sunday, August 21, 2016
- Offer deadline for the practice and building is Monday, August 29, 2016
- Acceptance of the Offers by the Vendor’s estate by Friday, September 2, 2016
- Conditional period will extend to Friday, September 16, 2016
- Preferred closing of Friday, September 30, 2016 or early October
For additional information or to book an appointment, please contact Ann Wright.