Drogheda Bank of Ireland branch expected to generate interest

Dublin agent TWM is seeking offers in excess of €4.08 million for a long-term investment involving the Bank of Ireland branch in the centre of Drogheda which will show a net initial yield of 7.25 per cent.

The two-storey period building on Laurence Street has a modern extension to the rear is producing an annual rent of €309,635 under a 25-year full repairing and insuring lease from December 2006 with no break options. The lease is subject to upwards-only rent reviews.

The building adjoins the Laurence Shopping Centre anchored by Marks & Spencer and Boots.

With safe investment opportunities still scarce on the ground, Michele Jackson of TWM is expecting considerable interest in the Drogheda investment because of the attractive lease terms and the fact that the bank promptly pays the rent quarterly in advance.