Specialist business property advisor, Christie & Co, has announced the sale of Bellevue Dental Practice in Edinburgh.
Bellevue Dental Practice is a three-surgery practice which offers high-quality NHS and private patient treatment, with a strong emphasis on promoting dental health and preventive care.
Established in 1913, it is reputed to be one of the oldest practices in Edinburgh. The exiting owner-Principals, Dr Martin and Dr Allison Rennie, who are the fourth generation of dentists operating from this site, undertook extensive renovations after taking the reins in 2000.
Their vision allowed the practice to go from a single operator to a three-surgery practice, with work also including a LDU and new staff areas. Since then, it has continued to flourish, building a reputation as one of the best practices in the city by offering excellent dental care to an ever-expanding private patient base.
The business is located in one of the most sought-after residential areas in Edinburgh; just a mile from the city centre and bordering the New Town, Bellevue, which is popular with young professionals and families alike.
Following a recent decision from Martin and Allison to retire, the practice has been sold to a first-time buyer.
Martin comments, “After an initial meeting with Christie & Co, they were able to advise on what we should expect to receive in the current market. With 12 interested parties in one day, with another five at separate visits, very quickly we had 10 excellent offers, all exceeding our initial expectations. We sold to an individual buyer with no tie-in.”
Joel Mannix, Associate Director – Dental at Christie & Co who handled the sale, comments, “Having had initial discussions with Martin and Allison during the pandemic, we worked together to form a marketing strategy to allow their exit from practice ownership. After launching the practice confidentially to the market, we received significant interest which included 20 viewings and a closing date resulting in 10 offers for the sellers to choose from. Interestingly, the vendors chose an offer that wasn’t necessarily the highest in terms of monetary value, but one that offered the best post-sale conditions.
“This outcome is typical of current market conditions in the Scottish dental market, which is another reason why it is so important to test the market rather than sell directly to a buyer. I wish Martin and Allison all the very best in their much-deserved retirement.”
Bellevue Dental Practice was sold for an undisclosed price.