Irish investor sells UK bank for €2 million

An Irish-based investor has secured £2 million for a freehold bank investment at Witney, Oxfordshire, in the UK.

The building is leased to Lloyds Bank at a rent of £118,000 per annum under a 25-year lease which has another seven years to run. The £2 million sale price was in excesss of the quoting price of £1.86 million. The net yield will be 5.58 per cent , according to Dublin agent Finnegan Menton, who handled the sale along with NB Real Estate, part of the Capita Symonds group.

The building extends to 673sq m (7,250sq ft) and includes a modern retail banking hall, overhead offices and a rear car-park.