Ulster Bank says yes to sale of Cork City branches

Two shuttered bank branches acquired by separate buyers

The Ulster Bank branch on Patrick Street, Cork. The bank is expected to exit the Irish market. Picture Dan Lienah

Ulster Bank has said “yes” to the sale in Cork city centre of two of its former bank branches for close to €1m per branch — at Winthrop St and St Patrick St.

As part of the withdrawal of the bank from the Republic of Ireland last year, Ulster Bank put 39 branches up for sale in three tranches in 2023.

Among the now-closed sales are that of No 88 St Patrick St, at the corner of French Church St, bought by a local investor who has previously acquired a number of mixed-use city properties, along with No 16/17A Winthrop St to an out-of-town buyer. The latter is a former First Active branch, rebuilt with concrete floors and high visibility to one of the city centre’s most trafficked pedestrianised streets, between the GPO on Oliver Plunkett St and St Patrick St, near Brown Thomas and a McDonalds restaurant.

Agents Cushman & Wakefield had quoted €845,000-€875,000 for the 239 sq m (2,573 sq ft) protected structure on St Patrick St, noting its suitability to retail and food.

An undisclosed investor has paid in excess of the guide, an unconfirmed sum sub-€1m.

Also selling in the same price bracket, and above its €820,000/€870,000 AMV, was No 16/17A Winthrop St — a three-storey, mid-terrace 250 sq m/2,688 sq ft building with Tudor style frontage by the entrance to the Winthrop Arcade and facing the legendary Long Valley Bar.

Agent Dennis Guerin, of Frank V Murphy & Co, acted for the Winthrop Street branch purchaser, but declined to confirm it was a Swiss-based client he has acquired a number of Cork investment properties for. It’s likely to be offered to let at approximately €100,000 pa, with keen letting interest anticipated.

DETAILS: Cushman & Wakefield 021-4275454; Frank V Murphy & Co 021-4274204.