Investments:A branch of Bank of Ireland in Ballinasloe, Co Galway, bought recently with seven other bank investments by Quinlan Private, has been put back on the market with a guide price of €5.1 million.
All seven other branches bought by the private equity group for wealthy investors are located in Dublin area.
Robert Murphy of CB Richard Ellis, who handled the sale of all the branches for the Bank of Ireland, expects strong interest in the imposing four-storey over basement cut-stone building on Main Street. The extensive ground floor houses a modern banking hall and there is car-parking at the rear for 37 cars.
The bank is to take a new 25-year lease on the bank with the option of breaking it in year 15. Initial rent of €214,727 is subject to a fixed 15 per cent rental uplift at the first review and upwards-only to open market rental value at subsequent reviews. The lease will provide for full repairing and insuring terms.
Ballinasloe is located along the N6 national route (Dublin-Galway) and is a thriving market town for a predominantly rural area. Galway County Council and the National Roads Authority recently announced the go-ahead for the construction of the Athlone to Ballinasloe section of the new N6, the final leg in the motorway between Dublin and Galway.
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