Thurles Lease Offered For Sale

A.I.B. Liberty Square Thurles

Three provincial bank branches situated in Thurles, Co Tipperary, in Clonakillty, Co Cork and in Kilrush, Co Clare, currently leased to Allied Irish Bank (AIB), are to be offered for sale at attractive yields.

Joint agents GVA Dónal Ó Búachalla in Dublin/Belfast and Irish & European in Cork are to sell this portfolio, either on an individual property basis or in one single lot.

All buildings are currently let under 20-year leases since 2008, with break options in nine years time.

The three bank branches have all been refurbished by AIB in the past year and are regarded as being of strategic importance within the overall bank branch network.

The largest of the branches on offer, situated on the corner of O’Donovan Rossa Street and Liberty Square in Thurles, extends to 1,028sq m (11,063sq ft) and is currently producing a rent of €215,000 per annum. The guide price in this case, €2.4 million, will show an initial yield of 8.58%.

The named joint property agents state they are expecting overseas speculation, as well as local interest in these investments, because of the strong demand for the lot sizes, which have good covenants locked in to long leases.