ACCBANK IS to sell off nine branch buildings across the country as part of a rationalisation programme. All the properties are freehold and are due to be vacated by the bank in the early part of 2009.
Dublin agent HWBC has yet to complete a review of the portfolio but the overall value is likely to be in the region of €10 million. The freehold buildings are at 41 South Mall in Cork; 7 Parliament Street in Kilkenny; 99 and 100 South Main Street in Bandon; Dublin Road in Carlow; 18/19 Park Street in Dundalk; 3 Dublin Street in Longford; 58 Main Street in Mallow; and 51\52 South Main Street in Naas.
In some cases, the bank may opt to let the properties and sell on the investment at a later stage. More of the buildings have obvious development potential, such as the branch in Carlow which stands on a high profile site of 0.22 of an acre on the Dublin Road.
Some will be of particular interest to other financial institutions and bookmakers given that they have established class 12 retail use and occupy high street locations.
HWBC has already received a number of approaches from finance companies and bookmaker chains wanting to register their interest in some of the properties.
The decision to sell the nine buildings follows a detailed review by ACC of its branch network. The bank is due to open new branches in Cork, Kilkenny and Limerick. A number of other branches are due to be refurbished over the coming months.
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