Former bank branch in Dún Laoghaire sold for €1.1m

A former Bank of Scotland (Ireland) branch office which is currently vacant at 3 Upper George's Street, Dún Laoghaire, and has another 7.5 years to run on the lease, has been sold as an investment for approximately €1.1 million.

The two-storey building to the front with a three-storey extension to the rear has a an overall floor area of 339sq m (3,658sq ft). It was let to the bank on a 20-year-and-one-week lease from September 2007 at €112,000 with upwards-only rent reviews. The bank has a break option in year 15.

In the meantime the new owners will get a net initial yield of 9.75 per cent after taking acquisition costs into account.

Michele McGarry of Colliers International said there was strong interest in the property because of the unexpired term, strength of the covenant and attractive yield return.