Irish Life & Permanent, like other financial institutions, is to reduce its branch network in Dublin by selling 10 freehold and leasehold retail buildings.
The move is designed to reduce overheads at a time of intense competition between lending agencies.
Agent DTZ Sherry FitzGerald is to sell the buildings by tender on October 18th. Most of them were used as Irish Permanent branch offices. Even with the sale, Irish Life & Permanent will still have 30 branches in the Dublin area.
Two of the properties will be of particular interest to investors or retailers, one at the Donnybrook Mall and the other beside Paddy Cullen's pub at 8 Merrion Road in Ballsbridge.
The two-storey building at The Mall is at the corner of Donnybrook Road and Belmont Avenue, and has a floor area of over 2,000 sq ft. This building, which is held under a 900-year lease, is likely to make around £1 million.
The agent is quoting a guide price of £850,000 for the three-storey over basement terraced building at Merrion Road.
The bank operated out of a ground floor of 484 sq ft and a basement of 602 sq ft. The first and second floors are let on a long lease at a current rent of £12,000 per annum.
Others branches on the market are:
A two-storey terraced building held on a 999-year lease with a total floor area of almost 1,400 sq ft in Ranelagh village. It is likely to make about £500,000.
A three-storey terraced building at 8/9 Marino Mart, Fairview, has a guide price of £750,000. There is almost 2,500 sq ft on the ground floor, while the two upper floors are let to separate tenants at a combined rent of £12,500 per year.
Another notable freehold property in the portfolio is at 70 Lower Georges Street, Dun Laoghaire. The two-storey terraced building let to the Irish Cancer Society on a long lease at an annual rent of £36,000. This investment is valued around £550,000.
Ground floor of a three-storey building at 44/45 Thomas Street which has a floor area over 1,000 sq ft. Held under a 150-year lease, it is expected to fetch around £300,000.
Single storey shop with floor area of around 914 sq ft at Shankill Shopping Centre for which the agents expect to secure £150,000.
46 Prussia Street, a freehold two-storey terraced building with a combined floor area of 1,560 sq ft. It has a guide price around £275,000.
In Rathfarmham, there is a guide price of £35,000 for the leasehold interest in a two-storey terraced building rented at £22,000 per annum.
