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Thurles AIB building to be offered for sale/lease

The AIB branch situated at LIberty Square Thurles is one of three provincial bank branches situated in Thurles, currently leased to Allied Irish Bank (AIB), which are to be offered for sale at attractive yields.

Joint agents GVA Dónal Ó Búachalla in Dublin/Belfast and Irish & European in Cork are to sell this portfolio, either on an individual property basis or in one single lot - the other properties being situated in Clonakilty, County Cork and Kilrush, County Clare.

All buildings are currently let under 20-year leases since 2008, with break options in nine years time.

The three bank branches have all been refurbished by AIB in the past year and are regarded of being of strategic importance within the overall bank branch network.

The largest of the branches on offer, situated on the corner of O’Donovan Rossa Street and Liberty Square in Thurles, extends to 1,028sq m (11,063sq ft) and is currently producing a rent of €215,000 per annum. The guide price in this case, €2.4 million, will show an initial yield of 8.58%.

The named joint property agents state they are expecting overseas speculation, as well as local interest in these investments, because of the strong demand for the lot sizes, which have good covenants locked in to long leases.

This building would be of strategic importance to the business and commercial life of Thurles town and is regarded as one of the iconic streetscapes of the former market square.

It is a very well known landmark in Liberty Square and is situated directly opposite the site of the former Permanent TSB which occupied another very iconic building - a building which is also up for sale with retail, commercial, business and office accommodation potential.

AIB has occupied the building on Rossa Street and Liberty Square for a number of decades now - the building was used to house a museum to concide with the 1984 GAA Centenary celebrations.

 

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