ACC sale of properties to raise €6.6m
ACC Bank is selling 10 freehold branches which could generate about €6.6m. The move comes following the sale of five branches in the last six months, and it has gone sale agreed on four further branches. It is also seeking to sublet six branches for which it is offering flexible terms to prospective tenants.
HWBC are joint agents (JA) on the properties. The 10 freeholds are: 3 Denny Street, Tralee, €700,000, Carmody Chartered Surveyors JA; 16/17 Pearse Street, Nenagh, €600,000, REA Eoin Dillion JA; Pearse Street, Ballina, Co Mayo, €750,000, Garrett Loftus JA; Shop Street, Tuam, €650,000, Dermody Auctioneers JA; Mill Street, Monaghan, €650,000, Larmer JA; 15 Market Street, Navan, €800,000, Raymond Potterton JA; William Street, Tullamore, €925,000, Property Partners Richard Cleary JA; 45 Main Street, Wexford, €850,000, Kehoe & Associates JA; Mary Street, Dungarvan, €325,000, Property Partners Spratt JA; 100 South Main Street, Bandon, €350,000, Niall Cahalane Skuse JA.
The Dutch-owned bank has recently agreed deals for four other freehold properties including 3 Dublin Street, Longford and 7 Parliament Street, Kilkenny. Another which has gone sale agreed is 51/52 South Main Street, Naas which had seen its asking price reduced from €900,000 to €625,000.
On the other hand a branch in the centre of Mallow town was sold in excess of its guide price and South Mall, Cork was the only commercial property sold at auction in Cork last year, for €1.65m.
The agents also have offers on the branches at Tralee, Navan, Tullamore and Nenagh.
Sharon Walsh of HWBC comments: "Interested parties are predominantly owner occupiers such as solicitors and accountants, and with the drop in values they can now buy a property and the mortgage will be equal or less than rent payable on a leased premises."