A number of bank investments have come to market, with 17 branches nationwide valued at €28.5m, including the Bank of Ireland branch in Mallow, valued at €3.2m, while in Cork, two former bank branches have also come to the open market with Cushman & Wakefield.
New to market is the former, long-established permanent tsb bank branch at 88/89 North Main Street, next to the Visitors Centre and cafe at St Peter’s Church and facing Kyle Street, linking North Main Street to the Cornmarket Street by the Bridewell.
The double-fronted bank building, with over 4,000 sq ft across two floors and with distinctive arched windows across its upper floor, is described by agents Seamus Costello and Philip Horgan of Cushman & Wakefield as prominent, substantial and centrally located on the street.
They guide it at €325,000 and say it’s suitable for investors, and for end users/occupiers. There’s a portion of undeveloped space also to the rear bounding St Peter’s. It is offered with vacant possession, after permanent tsb announced the closure and relocating of a branch to Blackpool Shopping Centre.
Coincidentally, also freshly for sale with Cushman & Wakefield in Cork is the former Ulster Bank branch, at 63 Dublin Street in Blackpool, near the shopping centre. That building has 7,600 sq ft over two levels, in a modern building, with 20 metres frontage to Dublin Street at the busy junction at the foot of Dublin Hill.
Built around 2006 to a high standard, No 63 Dublin Street is guided at excess €750,000, and has professional office/bank/retail/residential scope, and previously traded as a pub.
Meanwhile, neighbours at 88/89 North Main Street include AIB, Bradley’s deli and off-licence, Cummins Sports, Mr Price, a number of charity shops. There’s multi-storey car parking close by, at the North Main Street Shopping Centre, which lost Dunnes Stores as its anchor.
On the broader bank sale front, the family-run investment firm the Layden Group is rebalancing its Irish portfolio, after a number of high-profile Dublin investments in recent years. The group had bought 29 bank branches in the mid-2000s for €75 million, and has since sold on a dozen, with the remaining 17 now being sold on, individually or in larger lots.
It has instructed joint agents Murphy Mulhall and Cushman & Wakefield to dispose of 17 Bank of Ireland branches in Dublin, Cork and Limerick and elsewhere which it owns as investments, with a combined value of €28.5 million, and with a combined rent roll of €2.29 million. All but two branches (including one in Limerick) are on upward only 25 year leases from 2007.
Most valuable is the Mallow branch of Bank of Ireland, where there’s a rent of €2870,00 pa, and it carries a guide price of €3.22m, a yield of 8%.
Also on offer in Cork is the B of I branch in Fermoy, at €1.231 million, while a branch in Roscrea, Co Tipperary, is priced at €1.236 million.
In Limerick, 94 O’Connell Street is being fitted out for use by B of I-controlled New Ireland Assurance company and a branch in Dublin’s northside at Whitehall will be offered for a new tenancy. Interest in the 17 is expected from funds, individuals and from overseas given the covenants and quality of the properties.
DETAILS: Cushman & Wakefield 021-4275454, 01-6399300, Murphy Mulhall 01-6340300
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