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Twelve AIB branches for sale for €48m


The AIB branch on Dame Street.

The AIB branch on Dame Street.

Fennell Photography

The AIB branch on Dame Street.

Twelve of AIB’s best located branches are being offered for sale in one or more lots for €48m.

The properties are in Ranelagh, Donnybrook, Sandymount, Artane, Dame Street, Crumlin, Dundrum, O’Connell Street, Dun Laoghaire, Drumcondra, Tallaght and Stillorgan.

The branches were sold to property developer Gerry Gannon for around €100m in 2006.

Property agents Knight Frank are now bringing the portfolio to the market under the instruction of Mr Gannon.

Individual lots start from €2.5 million. The entire portfolio is currently earning €3.29m in rent per year.

The sale is an investment opportunity as the properties are let on 25-year leases (starting from 2006) with five-yearly upwards-only reviews.

All properties are maintained by AIB’s dedicated Estates Management team.

One of the trophy properties is 7-12 Dame Street and it is rented at €590, 214. The six-floor period property was built in the Lumbardesque-Romanesque style. The guide price is in excess of €8m.

Nearby on Dame Street, American giant Abercrombie & Fitch and retailer H&M both have converted former bank premises, National Irish Bank and Ulster Bank respectively.

Knight Frank says the Dame Street property would attract interest from international retailers seeking to enter the Dublin market seeking significant presence.

The next building for sale in the portfolio is on 37-39 O’Connell Street Upper in Dublin 1. The guide price is €5.75m for this building which was built around 1890 and has a cut-stone facade, and produces an annual rental income of €399,096.

The Ranelagh property is located in sought-after commercial and residential hub and has a guide price of €4m. It produces an annual rental income of €214,508. Knight Frank says it holds future potential for mixed use development utilising its forecourt.

Meanwhile the two-storey building on 98 Sandymount Road, Dublin 4, which has a guide price of €2.5m, would appeal to a wide variety of restaurateurs and retailers. It has an annual rental income of €159,500.

The Stillorgan branch (guide price in excess of €4.6m) is located in the heart of Stillorgan village, and comes with 15 car parking spaces. It produces an annual rental income of €310, 411.

The AIB branch in Tallaght now rents for €195,882 per annum and has a guide price of €2.6m. The building is located in the village centre and has a floor area of 569sq m (6,124sq ft).

The modern AIB branch in Artane is rented at €212,820 and has a guide price for in excess of €2.7m. The 695sq m (7,480sq ft) block comes with good parking facilities and could also be used as a shop or office.

The Donnybrook branch (guide price in excess of €3m) on 69-71 Morehampton Road is a traditionally constructed bank premises. The corner building is in a busy, salubrious area and rent for the 360sq m (3,874sq ft) building is €174,820.

The Crumlin AIB branch, three kilometres from the city centre, comes with around 31 car parking spaces and returns €207,249 in rent every year. It has a guide price in excess of €3.1m.

In Drumcondra, the AIB branch (guide price in excess of €3.75m) is on the main route to Dublin airport and is just four kilometres from the city centre. It produces €266,411 in rent annually.

While the property on 103-104 George’s Street in Dun Laoghaire (guide price in excess of €4.25m) is a mid-terrace building on the suburb’s main thoroughfare. Annual rental income is €306,270.

And finally, the AIB branch in Dundrum on 10 Main Street comes with 17 car parking spaces and produces a yearly rent of €250,249. The guide price is in excess of €3.7m.

Online Editors