Bank branch down 71% to €2.5m
A Bank of Ireland branch at Wilton shopping centre in Cork, bought by a private investor in a sale and leaseback deal in 2006 for €8.75 million, is back on the market at €2.5 million.
Receiver & Ernst Young has instructed Lisney to proceed with the sale of the investment which will show a net initial return of 11.2 per cent. The bank is paying rent of €292,033 under a 25-year lease with a break option in 2021. The lease provides for upwards-only rent reviews every five years. The building has 660sq m (7,108sq ft) on two levels.