Banking on Waterford

INVESTOR demand for quality buys outside the main two or three Irish cities is about to be sampled — with the offer of a fine AIB bank branch in Waterford City, with an excellent covenant.

Just launched is 72/74 The Quay, the bank’s principal branch in Waterford City. It’s in a pivotal position in the heart of the city, by John Roberts Square and Barronstrand Street.

It is priced at €2.25m, and has a net initial yield of 8.7%, at a rent of €204,000. A four-storey classical building with 6,200 sq ft, it’s let to the bank until 2027, with a break option five years before that, on upward-only terms with five-year reviews. Surveyor Eoin Ryan, of DTZ Sherry FitzGerald, says “it’s everything an investor could wish for, in an unrivalled location: it’s exactly where you’d want to be in the city.”