The ongoing withdrawal of Ulster Bank from the Irish market continues apace. Having recently announced the details of its latest redundancy programme, the bank has instructed agent Cushman & Wakefield to dispose of the first tranche of properties from its former bank branch network.
The initial phase of this process will offer 18 premises, comprising 10 freehold/long-leasehold units and eight leasehold units to the market.
The 10 freehold/long leasehold interests are on high-profile pitches across the country. These include Main Street in Gorey, Co Wexford; Wexford town; Athlone, Co Westmeath; Mallow, Co Cork; Ennis, Co Clare; Carlow; Palmerstown, Dublin 22; Stillorgan, Co Dublin; and one close to Dublin Airport on the Swords Road. The guide prices for these properties prices range in value from €230,000 to in excess of €500,000. The freehold/long-leasehold properties are being marketed on a private treaty basis.
The leasehold interests currently held vary widely in terms of lease length and passing rents. The leasehold properties are predominately in Dublin with a few farther afield. The locations are New Street, Killarney, Co Kerry; Phibsborough, Dublin 7; Howth Road; Raheny, Dublin 5; Main Street, Swords, Co Dublin; Main Street, Dundrum, Dublin 14; Monastery Road, Clondalkin, Dublin 22; Terenure, Dublin 6; and Tuam Road, Co Galway.
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The current passing rents for these properties range from €40,000 per annum to about €200,000 for some of the higher-profile locations. The leases have a variety of expiry dates and are available by way of assignment or sublease.
Benjamin Ashe of Cushman & Wakefield says: “This first phase of former branch disposals offers a great opportunity for investors, retailers and owner-occupiers to acquire units in excellent locations within towns and cities nationwide.”
Interested parties can obtain further information and register their interest in this and subsequent phases of branch disposals by accessing the dedicated website, ulsterbankproperties.ie
