AIB to land a cool €6m with branch sale

ANOTHER day, another €6 million for AIB, only this time that’s the price expectation for a prime city bank branch about to be off-loaded.

AIB, which last week declared record profits for 2005 of €1.7 billion or €6.5m per Monday-Friday working day, is to sell its branch office on Cork City’s prime retail thoroughfare at 67, St Patrick’s St.

The bank amalgamated its two branches on this street in 2005, after pumping millions of euro into rebuilding 26, St Patrick’s St, decanting staff temporarily into No 67 during the upheaval.

Now, sale time has come around as expected for the vacated No 67, with a €6m figure touted for the bow-fronted limestone period four-storey building.

Dublin agents GVA Donal Ó Buachalla are to sell by tender on April 6, quoting an AMV of €6m, and expecting investor and retailer interest.

This end of St Patrick’s Street has had a number of properties recently vacated, including the neighbouring Irish Rail offices. But, the bank branch is larger, and so will suit retailers needing up to 2,750sq ft of ground floor space.

And, No 67 has a second access onto Paul Street to the rear, so its second entrance faces the acres-large Guy and Co site being redeveloped for retailing by the Kerry-based Ring/O’Donoghue families of hotel and building-supplies fame.