Bank investment for €1.5m

What is described as the finest building in the coastal town of Dungarvan, Co Waterford – the Bank of Ireland branch office on Grattan Square – is to be offered for sale as an investment almost nine years after it was first sold to an investor.

DTZ Sherry FitzGerald and Sherry FitzGerald Reynolds are now guiding €1.5 million for the unusual three- and four-storey corner building with a two- storey modern extension at the rear.

It has a painted façade with a pitched room and an overall floor area of 574sq m (6,178sq ft), including a large banking hall.

The branch was originally leased by Bank of Ireland in 2006. The current rent of €132,888 is subject to upwards only rent reviews. A price of €1.5 million would show a return of 8.43 per cent after standard purchasing costs of 4.46 per cent.