Thursday 23 November 2017

Two rural AIB branches a safe bet for investors

The bank branches in Thurles, Co Tipperary
The bank branches in Thurles, Co Tipperary
Kilrush, Co Clare
Ronald Quinlan

Ronald Quinlan

Agents Savills are offering two secure investment opportunities located in Thurles, Co Tipperary, and Kilrush, Co Clare, respectively to the market.

Both are fully-let to the AIB bank on 20-year FRI (full repairing and insuring) leases dating from January 2009, giving the prospective purchaser considerable certainty in relation to their investment.

In the case of the Thurles property, the lease commands a passing rent of €215,000 per annum and comes with the benefit of upward only rent reviews. Pricing for the building is available from Savills on application.

Located on a 0.34 acre site, the property is an end-of-terrace, three-storey building fronting onto O'Donovan Rossa Street and Liberty Square at the centre of Thurles town. The ground floor is made up of a banking hall, with private offices, a safe room, staff canteen and staff toilets. A secondary set of these facilities are located on the first floor while more offices and staff space can be found on the second floor. The building's total internal floor area extends to 13,411 sq ft. Thurles is easily accessed via the M8 Cork- Dublin motorway at Junction 6 (Horse and Jockey) and 5 (Twomileborris).

The second property, in Kilrush, Co Clare, comes with a passing rent of €77,500 per annum with pricing available from Savills on application.

Extending to approximately 5,651 sq ft and positioned on a site of 0.25 acres, the building enjoys a prominent profile on Francis Street. A detached, redbrick two-storey building, it comprises of an open plan ground floor banking hall with cashier desks and meeting rooms. There are staff offices and additional facilities on the first floor, and an attic storage space above that.

Kilrush is the main town of southwest Clare and is 45km southwest of Ennis town centre on the N68. It also connects with Kilkee and Doonbeg along the N67.

Chris O'Callaghan of Savills Ireland says: "We are pleased to bring this strong investment opportunity to market, and envisage a high level of interest among clients seeking to receive a sustainable, secure return on their capital."

Sunday Independent

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