Third tranche of Ulster Bank bank branch premises comes for sale

Agent Cushman & Wakefield is inviting offers for the third and final tranche of properties in Ulster Bank’s former bank branch network. There are 15 premises available for sale in this phase of the process, which is taking place as part of the bank’s ongoing withdrawal from the Irish market. Thirteen of the properties are freehold/long-leasehold while the remaining two buildings are leasehold.

The 13 freehold/long leasehold interests are on high-profile pitches across the country. These include St Patrick Street and Winthrop Street in Cork city; Maynooth, Co Kildare; Tullamore, Co Offaly; Ballina, Claremorris and Castlebar in Co Mayo; Roscommon; Dundalk and Drogheda, Co Louth; Dungarvan and Waterford city, Co Waterford; and Kilkenny. The subject properties range in value from about €100,000 to more than €850,000 for the bank’s prominent branch building on Winthrop Street in Cork city centre. The freehold/long-leasehold properties will be sold on a private-treaty basis with bidding conducted via the dedicated website for this portfolio, ulsterbankportfolio.ie

The leasehold interests meanwhile are located in Midleton, Co Cork; and Clonmel, Co Tipperary. Passing annual rents for the leasehold properties are €135,000 and €85,000 respectively, with the unexpired term of the leases being just under seven years on Midleton and just under six years on Clonmel. The leases will be marketed as available by way of assignment or sublease.

The commencement of the third and final phase of the process follows the launch earlier this year of the sale of 35 of Ulster Bank’s bank branch buildings. The most recent of these launches saw the bank’s high-profile premises at number 33 College Green in Dublin being offered to the market at a guide price of €13.5 million.

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Benjamin Ashe of Cushman & Wakefield said: “These properties present a significant opportunity for investors, retailers and owner-occupiers to acquire units in excellent locations in towns and cities nationwide.”

Interested parties can get further information on all properties at ulsterbankportfolio.ie.