Sunday 16 June 2019

Iconic Bank of Ireland building up for auction

The Bank of Ireland building, Abbey Square, Enniscorthy
The Bank of Ireland building, Abbey Square, Enniscorthy

Pádraig Byrne

One of Enniscorthy's iconic buildings is to go under the hammer next week as the Bank of Ireland building in Abbey Square is auctioned off. The building is being offered by digital property company BidX1 with a guide price set at €1,400,000 and is set to be the subject of substantial interest from local and national investors.

When news first broke that the bank building was to be sold back in February of this year, it sparked concerns among Bank of Ireland customers in the town, however, the bank immediately clarified that a long-term lease is in place on the building and that they would not be going anywhere for a considerable time.

Confirmation of this can be found in the literature available from BidX1 on the building which states that the bank's current lease is not set to expire until 2032. Thirteen years being a long time, the building represents more of an investment opportunity for potential buyers with the current rent reserved at a whopping €124,074 per annum. At those rates, an investor would have seen the initial outlay of the guide price well returned before the lease expires.

The lease, with the Governor & Company of the Bank of Ireland, also provides for upward only rent reviews every fifth year and contains full repairing and insuring covenants. The previous break option in 2022 has been purchased and the tenancy now extends to 2032.

As customers will be aware, the building consists of a ground floor banking hall with modern office space in the upper floors, as well as a small car park facility to the rear. It's total floor area is 5,166 sq. ft.

The Enniscorthy branch of Bank of Ireland is one of eight being offered for auction with other branches in Kildare, Galway, Dublin, Longford, Tipperary and Offaly all going under the hammer on Thursday, December 13. Of these eight branches, the Enniscorthy one is demanding the third highest guide price with only Loughrea, Co Galway (€1,890,000) and Dublin 10 (€1,750,000) ranking above.

BidX1 are confident of significant interest in the landmark Enniscorthy building and are urging potential investors to get in touch ahead of the auction day.

Enniscorthy Guardian