Bank of Ireland branch in Galway for €4m

A Bank of Ireland branch in Galway city centre is on the market at €4 million.

This represents an income yield of 6.25 per cent after standard purchasers’ costs of 4.46 per cent are deducted, according to joint selling agents Savills and O’Donnellan & Joyce.

The tenant, unaffected by the sale, is paying an annual rent of €261,073 on two separate leases for the building on Mainguard Street which adjoins the city’s main shopping fare, Shop Street.

One lease, which has an unexpired term of more than 15 years, is for the ground and basement floors at an annual rent of €183,073.

The second lease – with seven years left – covers the first, second and third floors of the building at a rent of €78,000. This gives the property a weighted average unexpired lease term of 12.75 years.

The bank is located in a four-storey over basement building which has an open-plan retail banking hall with cellular offices at ground floor while the basement and upper floors consist of office and ancillary accommodation.

The entire building extends to 772.08sq m (8,310.59sq ft) with 13.7 metres of frontage on to Mainguard Street and 11 metres frontage to Church Street. This busy location has a mix of retail, office and leisure uses.