Following the completion of a "detailed strategic review" into the "unrelenting" migration of its customers towards online banking over recent years, AIB looks set to cash in on the sale of several of its highest-profile branches.
Browne Corrigan Chartered Surveyors has been instructed by the majority State-owned bank to find buyers for four of its former premises in Dublin, Galway and Limerick. The properties at 37/38 O’Connell Street, Dublin 1; 69/70 Morehampton Road, Donnybrook, Dublin 4; Newcastle Road, Galway city; and Ennis Road, Limerick city, are being offered for sale with vacant possession.
Guiding at a price of €3.75 million, 37/38 O'Connell Street comprises 1,350sq m (14,500sq ft) over five floors. Constructed by G&T Crampton in 1921-1922, the building is a protected structure and is laid out as a large, open-plan banking hall at ground-floor level. There are offices at the upper levels, with storage and secure areas at basement level. The property is well located adjacent to the former Carlton cinema site which forms part of Dublin Central, the €500 million mixed-use redevelopment being planned by the UK-listed property group Hammerson.
69/70 Morehampton Road, Donnybrook, Dublin 4, which is guiding at a price of €2.5 million, extends to 365sq m (3,930sq ft) over ground and first floors and is situated at the junction of Morehampton Road and Marlborough Road, opposite Herbert Park. The building comprises a ground-floor banking hall with offices to the rear and overhead, and an external yard to the rear. The property has extensive frontage on to Morehampton Road where neighbouring occupiers include Boots Pharmacy and Donnybrook Fair. The property is expected to appeal to high-end retailers, with interest anticipated from a range of likely users.
The former AIB branch at Newcastle Road in Galway city is a modern two-storey property with on-site car parking. The building extends to 635sq m (6,850 sq ft) and consists of a mix of open-plan and cellular accommodation. The building includes a canteen, fitted offices, air-conditioning, IT infrastructure and security system and is being offered for sale for €1.75 million.
The former AIB bank branch at Northtown Shopping Centre on Limerick’s Ennis Road meanwhile is guiding at a price of €300,000. The unit comprises 226sq m (2,450 sq ft) on the ground-floor level of the centre and is fitted out with a canteen, air-conditioning, suspended ceilings, alarm and IT installation. Other occupiers at the scheme include a convenience store, pharmacy, dry cleaner, florist and butcher.