AN INTERESTING retail investment is to be launched on the market next week when Friends First offers for sale the National Irish Bank premises at 9-10 Upper George’s Street in Dún Laoghaire, Co Dublin.
Michael Clarke of Savills is guiding over €2.5 million for the building which will show a net initial yield of 6.5 per cent.
The two-storey premises extends to 386.26sq m (4,158sq ft), including 190sq m (2,045sq ft) on the ground floor, and occupies a prominent corner position at the junction of Upper George’s Street and Mulberry Street, opposite the main entrance to Dún Laoghaire shopping centre.
The property is let to Danske A/S, which trades as National Irish Bank, on a 35-year full repairing and insuring lease from January, 1986, leaving over 11 years to run on the lease.
The current passing rent of €158,500 is due to be reviewed in January, 2012.
Des Dennehy of FC Reit, which manages the building for Friends First, said the property had performed strongly in recent years but, with the current level of demand from private investors for investments in small lot sizes with secure, long term leases in place, a decision had been made to dispose of the investment.
Danske Bank A/S operates National Irish Bank and the Northern Bank on both sides of the Border and has a combined branch network of 158, employing around 2,000 staff.
