Bank sales on the money

A LIMERICK City bank building, on O’Connell Street and Bedford Row, is being sold for as much as €10m — a recent Munster-bank investment sale price record.

The three-storey Bank of Ireland, at No 125 O’Connell Street, was refurbished in 2009, and was sold on via a sale and leaseback to at private investor for c €20m. It’s let as an entire to Bank of Ireland, at €685,000 pa, with 17 years left on an unexpired lease.

It was marketed at €8m by Ross Fogarty, of Knight Frank, who declined to comment on local repots it is fetching close to €10m, showing a return of c 6.5%.