Bank of Ireland, Upper Georges Street, Dun Laoghaire, Co. Dublin, A96A304€1,925,000 EXEMPT

Investment Property 582 m² / 6265 ft² For Sale

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Description

The property comprises a three-storey over basement mixed-use commercial building. The ground floor is currently in use as a retail bank branch with a banking hall, a cashier�??s counter, cellular offices, storeroom and a strong room. The basement provides for staff facilities, security cash room/vault, storage and a cellular office.

The internal fit out of the bank has been upgraded in recent years with high-quality finishes and the bank premises presents in excellent condition throughout.

The upper floors provide for office accommodation and is accessed internally by means of a dedicated staircase. The layout provides for cellular offices, meeting rooms, canteen and ladies & gents toilets.

The property benefits from a rear car park providing parking for approx. 11 no. cars.

Tenancy

The subject property is let to The Governor & Company of the Bank of Ireland on a 25-year full repairing and insuring (FRI) lease from the 7th December 2006 at a current rent of �?�137,000 per annum. The passing rent is fixed for the remainder of the term.

Zoning

The property is zoned Objective MTC �??to protect, provide for and/or improve major town centre facilities�?� under the Dun Laoghaire & Rathdown County Development Plan 2016-2022.

Tenure

We understand the property is held Freehold

Guide Price

Offers are sought in excess of �?�1,925,000, representing a net initial yield of 6.47% after standard purchaser�??s costs of 9.96%.

Features

High profile mixed commercial building located in the centre of Dun Laoghaire
Entire leased to Bank of Ireland on a 25-year lease from 7th December 2006
Passing rent of �?�137,000 per annum, fixed for the remaining term
Approx. 10 years unexpired
Entire building extends to approximately 582 sq.m (6,270 sq.ft)
Car park included to the rear with future development potential (subject to planning permission)
Tenant not affected by the sale
Offers are sought in excess of �?�1,925,000, representing a net initial yield of 6.47% after standard purchaser�??s costs of 9.96%.

Negotiator

Thomas Byrne

BER Details

BER: Exempt