Ulster Bank seeks over €2m for Baggot Street building as sale of branch network continues

Ulster Bank has instructed agent Cushman & Wakefield to dispose of the second tranche of properties from its former bank branch network. The sale of this phase comes just over two months on from the bank’s move to dispose of 18 of its premises as part of its ongoing withdrawal from the Irish market.

While the first tranche was largely comprised of buildings in suburban Dublin and large provincial towns, the latest phase of 16 properties includes a number of landmark premises in Dublin city centre.

The sale comprises 14 freehold/long-leasehold interests in high-profile pitches across the country. In Dublin these include: Baggot Street Lower; Camden Street; Walkinstown Cross; Tallaght, and Dún Laoghaire.

Moving beyond the capital there are properties available in Naas and Newbridge in Co Kildare; Mullingar, Co Westmeath; Blessington, Co Wicklow; Longford; Monaghan; Limerick; Nenagh, Co Tipperary; and Sligo. The subject properties range in value from approximately €250,000 to more than €2 million for the significant corner profile building on the corner of Baggot Street Lower. These properties will be sold on a private treaty basis.

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There are two leasehold interests available for sale and these are located in Navan, Co Meath, and Portlaoise, Co Laois. The current passing rents for these properties are between €75,000 and €90,000 per annum respectively, with the unexpired term of the leases being just over a year on Navan and just over two years on Portlaoise. The leases will be marketed as available by way of assignment or sub-lease.

Commenting on the second phase of disposals, Benjamin Ashe at Cushman & Wakefield said: “These properties present a significant opportunity for investors, retailers and owner occupiers to acquire units in excellent locations within towns and cities nationwide.”

The initial phase of Ulster Bank branch disposals offered 18 premises comprising 10 freehold/long-leasehold units and eight leasehold units to the market.

The 10 freehold/long leasehold interests comprise Main Street in Gorey, Co Wexford; Wexford town; Athlone, Co Westmeath; Mallow, Co Cork; Ennis, Co Clare; Carlow; Palmerstown, Dublin 22; Stillorgan, Co Dublin; and one close to Dublin airport on the Swords Road. The guide prices for these properties prices range in value from €230,000 to in excess of €500,000. The freehold/long-leasehold properties are being marketed on a private treaty basis.

The leasehold interests currently held vary widely in terms of lease length and passing rents. The leasehold properties are predominately in Dublin with a few farther afield. The locations are New Street, Killarney, Co Kerry; Phibsborough, Dublin 7; Howth Road; Raheny, Dublin 5; Main Street, Swords, Co Dublin; Main Street, Dundrum, Dublin 14; Monastery Road, Clondalkin, Dublin 22; Terenure, Dublin 6; and Tuam Road, Co Galway.

The current passing rents for these properties range from €40,000 per annum to about €200,000 for some of the higher-profile locations. The leases have a variety of expiry dates and are available by way of assignment or sublease.

Interested parties can obtain further information on the properties currently on the market in both phase one and two and register their interest in future disposals at www.ulsterbankportfolio.ie