Infill SiteA secure retail investment with a development opportunity has come on the market at Edward Street in Newbridge, Co Kildare.
CB Richard Ellis is suggesting a price of €3 million for a single storey bank building that will be let to the Bank of Scotland, trading as Halifax, under a new 20-year lease with an initial rent of €92,100 per annum.
A development site to the rear - extending to 0.27 of an acre - has town centre zoning and would suit a commercial and residential scheme. It has frontage on to Cutlery Road. The bank premises has a floor area of 167sq m (1,795sq ft).
Sarah Ward of CBRE says that the income from the Halifax branch offered the security of a blue chip covenant in a location experiencing high rental growth. Bank of Scotland (Ireland) has successfully rolled out the Halifax business and now has 48 branches throughout the country.
Newbridge has got a major boost from the opening of the Whitewater shopping centre which has many top name traders including Zara, Tommy Hilfiger, Debenhams and Marks & Spencer. The Penneys store beside Halifax is being redeveloped and extended to avail of the growing level of business.
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