Saturday 10 December 2016

Former Bank of Scotland (Ireland) units go on the market guiding €1.8m

Published 02/04/2015 | 02:30

110 Main Street in Bray is one of two retail properties on the market from Colliers
110 Main Street in Bray is one of two retail properties on the market from Colliers

Colliers International have been instructed to dispose two retail opportunities at 110 Main Street, Bray, Co Wicklow and 3 Upper Georges Street, Dun Laoghaire with a combined guide price of €1.8m.

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The properties are let to Bank of Scotland (Ireland), producing a combined annual rent of €185,000 with an unexpired term of approx. seven and a half years. The properties were previously in banking use and are suitable for a variety of uses, subject to planning permission.

The property at 110 Main Street Bray, Co. Wicklow is located in the centre of Bray town, enjoying a high profile corner position on the main thoroughfare with frontage onto both Main Street and Herbert Street and opposite the junction with Quinnsboro Road. The ground floor is laid out to include a retail / sales area with offices to the rear. The first floor incorporates offices and staff facilities.

The property extends to a gross floor area of 228.95 sq m (2,464 sq ft). Nearby retailers include AIB, Boots, 3 and Dubray Books. The property is served by two nearby car parks, both of which are within a two minutes' walk.

It is let to Bank of Scotland (Ireland), who were trading as Halifax, on a 20 year and one week lease from September 2007, with upwards only rent reviews provisions.

The tenant has vacated the premises but is still paying the rent in full.

The passing rent is €73,000 pa and the tenant has a break option in year 15, which provides an investor with a term certain of seven and a half years.

The property has an asking price of €700,000 which equates to a net initial yield of 10pc after allowing for purchasers costs of 4.46pc.

Meanwhile Colliers are seeking €1.1m for a unit at 3 Upper Georges Street, Dun Laoghaire, Co Dublin

The property is located in the centre of Dun Laoghaire town, occupying a prime pitch on Georges Street overlooking Marine Road.

The property comprises a two storey building to the front with a three storey extension to the rear, the entire extends to an approx. gross floor area of 339.85 sq m (3,658.09 sq ft). The ground floor is laid out to include a retail / sales area with offices to the rear with office accommodation and staff facilities provided on the upper floors.

The property is said to be in "excellent condition and enjoys uninterrupted sea views at first floor level".

Nearby occupiers include Ulster Bank, Gamestop, Lloyds Pharmacy, 3 and Starbucks.

It is let to Bank of Scotland (Ireland) on a 20 year and 1 week lease from September 2007 at €112,000 per annum, with upwards only rent review provisions. The tenant has a break option in year 15.

Colliers International are seeking offers in the order of €1.1m which equates to a Net Initial Yield of 9.7pc after allowing for purchasers costs of 4.46pc.

Colliers' Michele McGarry commented: "The properties will appeal to investors looking for easily managed high yielding, commercial investments with seven and a half years unexpired on the leases".

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