PROPERTY investors will have an opportunity to buy a bank building next month when Lisney auctions the Ulster Bank premises in Ballsbridge, Dublin 4.
Ann Hargaden of the agency is quoting a guide price of £400,000-plus for the Edwardian building which is rented by the bank at £27,500 per annum. The 35-year lease has another 12 years to run and the next rent review in 1999 is expected to produce a significant increase, according to the agency.
A price of £400,000 would equate to a yield of 6.35 per cent, but with few high quality investments available in this price range, the auction on June 26th may produce a few surprises. Another retail investment a short distance away on Merrion Road where Spar is the tenant was sold recently for £900,000, representing a yield of 7 per cent.
The Ulster Bank building, which occupies a high profile location at the junction of Shelbourne Road, has a banking hall and offices extending to 1,165 square feet and a further 530 square feet in the basement. The investment is being sold by an institution.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/6BDEAESQEJH4BHNFRSVZH3W4TM.png)