Bank on €1.5m Midleton investment

The premises includes ground floor retail with rear storage, back offices, and staff amenities, and two large offices, a kitchen area and toilet facilities

83 Main St, Midleton, co Cork.

The chance to “bank on” a prime commercial investment asset in the East Cork town of Midleton has emerged, with the arrival to market of a PTSB branch premises, which has a guide price of €1.5m.

Located at No 83 Main St, the mid-terrace property is let to the Irish retail bank on a 35-year lease with approximately 10 years remaining. The investment currently generates a passing rent of €96,000 per annum.

Occupying a prominent position in the centre of the town, the property enjoys excellent visibility and footfall along Main St, where it is surrounded by an established mix of retail, banking, and service-based businesses.

Pedestrian access to the building is via Midleton’s Main St to the front of the property, while motorists can park in a large yard to the rear, accessed via a neighbouring laneway.

The premises extends to 326sq m (3,515sq ft) and includes 244sq m (2,627sq ft) of ground floor retail with rear storage, back offices, and staff amenities, and two large offices, a kitchen area and toilet facilities on the 82sq m (888sq ft) first floor.

Commercial agents Samuel Kingston and Declan Hickey of Casey & Kingston, describe the subject property as “a prominent commercial investment opportunity” in one of Cork’s fastest-growing commuter towns, with huge population growth predicted in the current county development plan 2022-2028.

A recent meeting of Cork County Council heard that as of the 2022 census, the population of Midleton was 13,906, with that figure expected to double by 2034.

The meeting also heard that growth is expected to be met by building an additional 8,549 units within the town’s confines, with an additional 74ha of land being zoned for housing needs.

Those projections bode well for businesses in the town, including its banks, with AIB and Bank of Ireland also represented on Main St.

While AIB also has branches in Cobh and Youghal, and Bank of Ireland has a branch in Little Island, PTSB has only one branch in East Cork, at its Midleton premises, following a comprehensive restructuring of its network in 2012.

At the time, it closed branches in Youghal and Cobh, with customers redirected to Midleton.

PTSB has been at its Main St, Midleton, address since 2001 and its lease runs until June 2036, with five yearly reviews based on current market value.

Mr Kingston and Mr Hickey said the property is already attracting some interest from local, Cork-based investors, but no offers have been made yet.

The agents noted that No 83 is “fitted out to the highest level of retail standards” with modern suspended ceilings including air heating and cooling systems, concrete flooring upstairs and downstairs, and CCTV security. The unit’s BER is a solid B.

Midleton is located approximately 22km east of Cork City and is well connected via the N25 and the upgraded Dunkettle interchange, which provides direct access to the M8 Cork/Dublin motorway.

The town is also served by a commuter rail service, further strengthening its appeal as a residential and commercial location.

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