Danske released from contract after paying €1m compensation

Danske Bank has managed to assign the lease of its former bank premises in Stillorgan, Co Dublin, after paying its landlord more than €1 million compensation in lieu of the loss of rent.

Last October, Danske announced that it was discontinuing its personal and business banking and refocusing on its corporate and institutional business. It had been paying a rent of €285,000 per annum for a ground floor premises at Maple House in Stillorgan under a 35-year lease, which was not due to run out until 2029.

However, it has been released from the long-term contract after paying compensation to the landlord. The lease of the 350sq m (3,767 sq ft) premises has been assigned to KBC bank for the remaining 15 years at a reduced rent start- ing at €180,000 per annum.

Mervyn Ellis of BNP Paribas Real Estate advised the landlord, while Stephen McCarthy of Savills acted for Danske Bank.