Branch investment

THIS is the year of the investment sale, according to Margaret Kelleher, director of Lisney’s Cork offices, as she bring a blue-chip bank investment to market, in an equally blue-chip setting.

She makes the claim as this investment at €2.5m shows a net initial yield of 11.2%, and will be free of Capital Gains Tax if bought this year, and held for seven years under specific, restricted terms in budget 2012. The CGT tax relief measure is due to expire at the end of 2013, thus giving investors an extra incentive.

The Lisney director is marketing the Bank of Ireland branch in Cork’s Wilton suburbs, a purpose-built standalone building on the grounds of the Wilton Shopping Centre. Owned by a private investor, it’s held on a 999-year lease (effectively freehold) from 1979 on a nominal rent.