Fairview Bank of Ireland branch sells for well over €2.5m guide
Published 05/06/2016 | 02:30
A UK based private investor has bought a Bank of Ireland branch in Dublin 3 for more than €2.6m.
Agents Knight Frank said the buyer paid some €500,000 above the €2.1m asking price.
The fully let commercial investment property is approximately 570 sq m (6,134 sq ft) and Knight Frank believe the new owner "will benefit from a net initial yield in the order of 7.2pc when standard acquisition costs of 4.46pc are accounted for".
The entire property is let to Bank of Ireland on a 25 year full repairing lease from December 2006 at a current rent of €195,648 per annum. The lease, which provides for upward only rent reviews, has a tenant break option after 15 years.
The building is located on what Knight Frank describe as "an established commercial parade fronting onto one of the main arterial routes into Dublin City Centre" in Fairview.
The ground floor, which extends to approximately 229 sq m, has been recently upgraded by Bank of Ireland and comprises a banking hall with ancillary open plan and partitioned administration offices. Staff facilities and additional business consultancy offices and meeting rooms are on the upper floors. There is also an eight person capacity lift servicing all floors.
The internal specification includes a combination of suspended and plastered ceilings and a series of individual wall mounted air conditioning units throughout the property. Heating is provided by a gas fired boiler and perimeter radiators.
The property benefits from a rear enclosed yard with two concertina style vehicular gates accessed
via a side and rear laneway and there is street pay and display parking immediately to the front of the building.
The principal uses in the area include retail, bars and restaurants with adjoining occupiers such as Four Star Pizza, Spar, Costello Pharmacy and Early & Baldwin Solicitors.