Bank investment in Monaghan town for €1.15m

Another bank branch investment held by the Layden Group is to be offered for sale.

Agents Murphy Mulhall are guiding €1.15 million for the Bank of Ireland building at Church Square in Monaghan town which is rented at €73,000 per annum and will give a return of 6.1 per cent.

The investment is held under a 25-year lease from 2007 and has 16.25 years to run. The end of terrace two-storey building has an open-plan banking hall with offices overhead.

Brian Gaffney of Murphy Mulhall says they were expecting local and national interest given the lot size, the fact that the bank was an exemplary tenant and the availability of a long lease with upwards-only rent reviews.