ACC Bank expects to net €7 million from latest round of branch disposals

DUTCH-owned ACC Bank is continuing its disposal of Irish bank branches in 2010, it has just confirmed at year’s end.

It expects to net €7 million from the latest round of disposals, made up of 10 freehold branches, and nine other leases.

It follows a 2009 offer of eight other ACC branches, with five sold, giving the bank around €6m in sales, including one of the year’s very few commercial property auction successes, 41 South Mall in Cork which made €1.65m under the hammer with joint agents KMS and HWBC.

Now, HWBC jointly with various local agents is charged with selling a further tranche of high street branches for Rabo bank-owned ACC – a company which has clearly expressed its disenchantment with Irish banking and property lending and which is attempting to recoup significant loans through the courts and petitions for liquidations.

ACC’s 10 freehold branches being offered for 2010 sale are in Denny Street, Tralee; 16/17 Pearse Street, Nenagh; Mary Street, Dungarvan; Main Street, Wexford; Shop Street, Tuam; Market Street, Navan; Mill Street, Monaghan; William Street, Tullamore; Main Street, Roscommon, and Pearse Street, Ballina.

The combined value is estimated at €7m and can be used as financial/retail outlets, and – importantly – as bookmakers.

The nine freehold office/ premises are at: 1, South Mall, Cork; Powerstown House, 131 O’Connell Street, Limerick; Gurtnafleur Business Park, Clonmel; Rossview Business Park, Letterkenny; the Square, Tallaght; Market Square, Shambles Street, Castlebar; Kilmartin Roundabout, Athlone; The Square, Newcastle West; and Kellyville Centre, Portlaoise.

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