AIB branch in Naas for €3m likely to attract high interest

Private investors looking for a secure property investment are likely to be interested in the forthcoming sale of the AIB branch on Main Street, Naas, which will show an income yield of 7.97 per cent.

Paul Callanan of Savills is guiding €3 million for the building which is producing a rent of €250,000 per annum and is subject to five yearly upwards only rent reviews. There is still 7.6 years to a break option or 12.6 years to lease expiry.

The three-storey bank building has an overall floor area of 693sq m (7,460sq ft) and has a prominent frontage on to Main Street where it sits on a site of 0.13 hectares (0.33 of an acre).

Car-parking spaces

The ground floor is laid out with an open-plan retail banking hall and cellular offices while the upper floors are used for offices and ancillary accommodation. There are 25 surface car-parking spaces at the rear of the building.

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Naas is one of the most important commuter towns in the greater Dublin area and is linked to Dublin via the M7 motorway.

Paul Callanan said the bank investment would appeal to a wide range of private investors and funds because of the quality of the covenant, location and income returns relative to deposit rates and Government bond yields.