First Active branch properties put on the market by Ulster Bank

FIRST ACTIVE, now part of Ulster Bank, is to dispose of 49 branch outlets nationwide. The bank bills it as one of the largest property portfolios ever to be placed on the Irish market, although the value of the freehold properties is only put at about €13.5 million.

The disposal comes after the January merger of Ulster Bank and First Active, which also saw up to 750 redundancies announced at the time, north and south of the border.

Ulster Bank has appointed DTZ Sherry FitzGerald to offload the branches, either singly, in groups, or as an entire portfolio. They are made up of 24 freehold units, including two investment properties, as well as 22 leasehold branches, and three other part-freehold/part leaseholds.