The Appian Burlington Property Fund has bought the Bank of Ireland branch at St Laurence Street, Drogheda, for €4.2 million in a deal that will show a net initial yield of 7.05 per cent.

Ollie Lyons of property investment specialists TWM handled the sale for Independent Trustees Ltd which acquired the investment in 2012 for €3.5 million.

The bank occupies the semi-detached Victorian building with a modern extension at the rear on a 25-year lease which has another 15 years to run. The current rent of €309,635 is subject to upwards-only rent reviews.