Investor buys Malahide bank

The premises were sold as part of a leaseback deal in 2006, with a break option in 2021

The Bank of Ireland branch in Malahide: constructed in the 1970s
The Bank of Ireland branch in Malahide: constructed in the 1970s

A private investor has bought the Bank of Ireland premises at Malahide, Co Dublin, for €2.5 million in a deal which will give a return of 6.13 per cent.

The premises were built in the 1970s and sold as part of a leaseback deal in 2006, with a break option in 2021. The bank later committed to the location by agreeing to rent for a further 17.5 years in return for a rent reduction in 2013 and 2014. The new rental income of €160,000 per annum is subject to five yearly upwards only rent reviews.

Jane Dolan of DTZ Sherry FitzGerald handled the sale and Damien McCaffrey of Knight Frank advised the purchaser.

Jack Fagan

Jack Fagan

Jack Fagan is the former commercial-property editor of The Irish Times