Credit union banks building cheque for close to €2m

A Cork credit union has sold a suburban branch building next to the Cork University Hospital for close to €2m.
Credit union banks building cheque for close to €2m

€2m sale of Wilton Road branch of Bishopstown Credit Union, to a health user
€2m sale of Wilton Road branch of Bishopstown Credit Union, to a health user

A Cork credit union has sold a suburban branch building next to the Cork University Hospital for close to €2m.

And, at that healthy sum, it’s more than many iconic bank branches across Munster have fetched as investment sales in recent years.

The circa €2m price paid for the stand-alone credit union building is higher, for example than the €1.6m/-1.7m paid for the classical limestone 97 South Mall, the former AIB branch bookending the eastern end of the city’s South Mall.

No 97 was acquired in 2017 by JCD Group, further invested in, and is now let to Eventbrite. At one stage, No 97 had seen a total investment of €6m, including purchase from AIB, and adaptation/conservations by TCH Group.

And, in 2016, UCC bought the equally elegant limestone former TSB branch at 1 Lapps Quay for €1.42m, now adapted to CUBS/Business School use.

Topping those purchase values, sold by public tender in the last week was the Wilton Road branch of the Bishopstown Credit Union, which had gone to market with an excess-€1.5 million guide via agents Dennis Guerin and John Barry of Frank V Murphy & Co.

The sale by tender had been offered in two lots; the 1990s-built 5,700sq ft credit union branch on 0.3 of an acre, with an adjoining detached 1,350sq ft house, valued loosely at €350,000, so an all-in combined guide value of about €1.85m.

The main sales pitch was to medical-related uses, from consultancy groups, the HSE, private health sector operators, etc, with rooms suitable as clinics, given the proximity to the CUH medical complex, an ever-expanding and developing and a major presence and employer in Cork’s western suburbs.

Close too is the Wilton Shopping Centre, with easy access to the city centre, UCC, Bon Secours and south city ring road.

Agent Dennis Guerin confirmed the sale, declining to identify the purchaser, other than to say it is medical related.

He described the sale as an important one, especially in current uncertain times and the global health threat posed by the coronavirus.

It’s understood that while a number of private investors had expressed early interest in the second, smaller lot, the detached house called Glenart, such private interest fell away as the tender date approached.

The sale came about as Bishopstown Credit Union moved to a €6m purpose-built, new three-storey new branch on the Curraheen Road, Bishopstown, on the site of the former Viscount Bar, acquired for c €1.5m.

The Credit Union has 23,000 members, and funds of €150 million.....plus, now, another €2m, give or take after the March 18 tender sale process wrapped up.

Their conical-roof topped Wilton Road branch, with raised terrace, was built 23 years ago, and has office/suites, banking hall/foyer and disabled access facilities, all on a 0.3-acre corner site with lots of car parking, for up to 24 vehicles.

The building, house and overall site faces across the Wilton Road to a pedestrian/ambulance access point to the CUH hospital grounds.

DETAILS: Frank V Murphy & Co

021-4274204

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