Investor buys Malahide bank

A private investor has bought the Bank of Ireland premises at Malahide, Co Dublin, for €2.5 million in a deal which will give a return of 6.13 per cent.

The premises were built in the 1970s and sold as part of a leaseback deal in 2006, with a break option in 2021. The bank later committed to the location by agreeing to rent for a further 17.5 years in return for a rent reduction in 2013 and 2014. The new rental income of €160,000 per annum is subject to five yearly upwards only rent reviews.

Jane Dolan of DTZ Sherry FitzGerald handled the sale and Damien McCaffrey of Knight Frank advised the purchaser.