Former banks in Bray and Dún Laoghaire for sale for €1.8m

High-yielding retail investments in Bray and Dún Laoghaire are fresh to the market this week through Colliers International which is quoting around €1.8 million for both properties. Should they make this price, the purchaser will secure a net initial yield of more than 10 per cent after allowing for purchaser's costs of 4.46 per cent.

The properties, at 110 Main Street in Bray, Co Wicklow and 3 Upper George's Street in Dún Laoghaire, are let to Bank of Scotland (Ireland). There is a combined annual rent roll of €185,000 and an unexpired lease term of around seven and a half years.

Both properties were previously in banking use but are suitable for a variety of uses, subject to planning permission.

The vacant former Bray bank branch is in the town centre and has a high profile corner position with frontage to Main Street and Herbert Street. It is laid out to include a retail sales area with offices to the rear while the first floor incorporates offices and staff facilities. There is a gross floor area of 228.95sq m (2,464sq ft) and the property is served by two nearby car parks.

Bank of Scotland’s (Ireland) 20-year and one week lease runs from September 2007, with upwards-only rent reviews. The rent stands at €73,000 per annum and the tenant has a break option in year 15, which provides an investor with 7.5 years of secure income. The agent is quoting €700,000 for this property.

The Dún Laoghaire property couldn’t be any more central as it occupies a prime pitch overlooking Marine Road. It is two-storey to the front and three-storey to the rear. The 339.85sq m (3,658sq ft) is laid out to include a retail/sales area with offices to the rear and staff facilities on the upper floors.

According to the agent, the property is in excellent condition while nearby occupiers include Ulster Bank, Gamestop, Lloyds Pharmacy, 3 and Starbucks.

Bank of Scotland’s (Ireland) 20-year and one week upwards-only lease runs from September 2007 at €112,000 per annum. As in Bray, the tenant has a break option in year 15. Colliers International is seeking around €1.1m for this retail investment.