|Property Type||Investment Property|
|Refreshed on||Oct 17, 2023|
Egans are delighted to present this modern Bank of Ireland Branch located in the heart of Carlow town to the open market 'For Sale' by Private Treaty. Please note that the Tenant is not affected. The subject property consists of a ground floor modern retail bank branch with first floor office accomodation all forming part of a larger mixed use development called Shamrock Plaza. The property extends to a floor area of approx. 1,152 sqm NIA (12,405 sq.ft) split as approx. 569 sqm (6,127 sq.ft) on the ground floor with 583 sqm (6,278 sq.ft) situated on the first floor. Ground floor is laid out as modern bank branch with open plan retail banking accommodation with associated ancillary offices and staff facilities whilst the first floor is laid out as office accommodation. This exceptional investment opportunity is for sale with an asking price of €6,250,000 which reflects a net initial yield of 9.69%. The property is being sold with the tenant in situ and is leased to the Governor and Company of Bank of Ireland on the following lease terms; -Term: 25 years from 13th September 2008 on an FRI Lease -Tenant: The Governor & Company of the Bank of Ireland -Demise: Ground floor no. 29 & first floor no. 30 Shamrock Plaza, Carlow together with 25 car parking spaces. -Current passing rent: €666,180 per annum -Rent Reviews: Every 5 years with next rent review in September 2028. Market Rent or 15% increase on the current passing rent (whichever is the greater). -Rent to increase to minimum of €766,108 in September 2028. -Break Clause: No break options -10 years term certain Benefit of long term secure income and fixed rental growth from Bank of Ireland as tenant. Bank of Ireland was established in 1783 and is regarded as the leading pillar bank in the Republic of Ireland. They are also one of largest employers in the State with over 9,000 employees. Bank of Ireland has shares listed on the main markets of the Irish Stock Exchange and the London Stock Exchange. Located in the heart of Carlow Town in mixed use development called Shamrock Plaza where adjoining occupiers include Permanent TSB, Sam McCauley's Pharmacy, HSE, Eddie Rockets etc. Carlow is the county town of county Carlow and is situated c. 84km from Dublin and c. 38km from Kilkenny enjoying excellent connectivity to the M9 Motorway. Carlow is home to a host of major employers including MSD Ireland, Metrohm etc and is also home to Carlow Institute of Technology (CIT) which is one of the largest technology colleges in Ireland offering a range of courses for third level students. All enquiries to sole selling agent, Egan's where full information pack is available including copy of lease.
Date created: Sep 20, 2023