Auction rings up Tralee bank branch sale of over €3m

Five bidders lined out for the chance to become ‘King of the Castle,’ at an auction where a bank branch sold for just over €3m, or 20% over its price guide.

The town bank branch, occupied by Bank of Ireland on Tralee’s Castle Street saw very active bidding and ten sets of contracts went out, indicating an even wider spread of interest in this sale. The initial yield on offer was over 11% gross at the €2.5m guide, but at the sale price, this dropped back to a still very attractive 9.2% return, said delighted agent Paul Stephenson, of SherryFitzGerald Stephenson Crean.

The auction attracted ten parties, with bidding starting at €2.35m, it was placed ‘on the market’ at €2.98m, and just nudged over the €3m barrier. “It’s a strong result, and shows confidence in the town of Tralee, and in the wider Irish economy,” said Stephenson.