A MODERN BANK building with overhead offices in Ballincollig, Co Cork, is to be offered for sale through Savills at a guide pride of €4.4 million.
The building forms part of a new town centre and was completed in 2008. It is rented to Bank of Ireland on a modern 25-year lease from 2006, with about 19 years still to run. The passing rent of €322,000 is subject to 15 per cent uplifts every five years.
Based on a selling price of €4.4 million, a purchaser could expect an initial income yield of 7 per cent - once purchasing costs are taken into account. The return would move to 8.1 per cent in 2016, 9.3 per cent in 2021 and 10.66 per cent in 2026.
The ground floor has open-plan retail banking facilities along with cellular offices. The offices on the first floor bring the overall area up to 547 sq m (5,892 sq ft).
Sarah Dillon of Savills says the investment in one of Ireland's fastest-growing towns offers an attractive return with long-term security from a reputable tenant.
