Executive Summary
- The Primacy Portfolio is for sale by Private Treaty on the instructions of the Vendors
- We are inviting offers for the entire portfolio as a single lot at a guide price in excess of €28.5 million (Twenty-Eight Million and Five Hundred Thousand Euro) subject to contract and exclusive of VAT, which reflects an attractive Initial Yield of approximately 7.41% for the portfolio, based on a Net Operating Income of €2.29m
- Offers for individual branches will be considered.
- All 17 assets are let to The Governor and Company of the Bank of Ireland on full repairing and insuring (FRI) leases for 25 years from July 2007
- Bank of Ireland Whitehall and Limerick City are the only assets that have break options in 2022
- Strong portfolio WAULT of 14.39 years to expiry and 12.98 years to break
- For the avoidance of doubt, please note this is an investment sale, therefore all tenants are unaffected
| Title | Address | Description |
|---|---|---|
Cappocksgreen, Co. Louth, A92 NY02, Ireland | Cappocksgreen, Co. Louth, A92 NY02, Ireland | |
Arklow, Co. Wicklow, Y14 H2D8, Ireland | Arklow, Co. Wicklow, Y14 H2D8, Ireland | |
Athy, Co. Kildare, R14 HK54, Ireland | Athy, Co. Kildare, R14 HK54, Ireland | |
Abbeyhalfquarter, Ballina, Co. Mayo, F26 KT73, Ireland | Abbeyhalfquarter, Ballina, Co. Mayo, F26 KT73, Ireland | |
Drumfinn, Dublin, Co. Dublin, D10 PW29, Ireland | Drumfinn, Dublin, Co. Dublin, D10 PW29, Ireland | |
Raheny - St. Assam, Dublin, Co. Dublin, D05 CK70, Ireland | Raheny - St. Assam, Dublin, Co. Dublin, D05 CK70, Ireland | |
Townparks, Skerries, Co. Dublin, K34 FH22, Ireland | Townparks, Skerries, Co. Dublin, K34 FH22, Ireland | |
Edenderry, Co. Offaly, R45 FP65, Ireland | Edenderry, Co. Offaly, R45 FP65, Ireland | |
Fermoy, Co. Cork, P61 Y273, Ireland | Fermoy, Co. Cork, P61 Y273, Ireland | |
Deanscurragh, Longford, Co. Longford, N39 AV20, Ireland | Deanscurragh, Longford, Co. Longford, N39 AV20, Ireland | |
Mallow, Co. Cork, P51 Y314, Ireland | Mallow, Co. Cork, P51 Y314, Ireland | |
Cloonbrackna, Roscommon, Co. Roscommon, F42 X803, Ireland | Cloonbrackna, Roscommon, Co. Roscommon, F42 X803, Ireland | |
Loughrea, Co. Galway, H62 YE36, Ireland | Loughrea, Co. Galway, H62 YE36, Ireland | |
Templeshannon, Enniscorthy, Co. Wexford, Y21 PK06, Ireland | Templeshannon, Enniscorthy, Co. Wexford, Y21 PK06, Ireland | |
Demesne, Co. Tipperary, E53 XY64, Ireland | Demesne, Co. Tipperary, E53 XY64, Ireland | |
Whitehall, Dublin, Co. Dublin, D09 TN52, Ireland | Whitehall, Dublin, Co. Dublin, D09 TN52, Ireland | |
Limerick, Co. Limerick, V94 KT98, Ireland | Limerick, Co. Limerick, V94 KT98, Ireland |
Locations
17 Locations Across Ireland
| County | Town/Suburb | Street | Post code |
| Louth | Ardee | Castle St. | A92 NY02 |
| Wicklow | Arklow | Main St. | Y14 H2D8 |
| Kildare | Athy | Emily Sq. | R14 HK54 |
| Mayo | Ballina | Pearse St.(24) | F26 KT73 |
| Dublin | Ballyfermot | Ballyfermot Rd. (312) | D10 PW29 |
| Dublin | Raheny | Howth Rd. (566) | D05 CK70 |
| Dublin | Skerries | Strand St. (93) | K34 FH22 |
| Offaly | Edenderry | Main St. | R45 FP65 |
| Cork | Fermoy | Patrick St. | P61 Y273 |
| Longford | Longford | Main St. (68) | N39 AV20 |
| Cork | Mallow | Bank Place (150) | P51 Y314 |
| Roscommon | Roscommon | Harrison Hall, Market Sq. | F42 X803 |
| Galway | Loughrea | Main Street | H62 YE36 |
| Wexford | Enniscorthy | Abbey Square | Y21 PK06 |
| Tipperary | Roscrea | Castle St. Lwr. | E53 XY64 |
| Dublin | Whitehall | Swords Road | D09 TN52 |
| Limerick | Limerick City | O’ Connell Street | V94 KT98 |
Bank of Ireland was established in 1783 and is regarded as the leading pillar bank in the Republic of Ireland. They are also one of the Country’s largest employers with over 11,000 employees.
Bank of Ireland has shares listed on the main markets of the Irish Stock Exchange and the London Stock Exchange, the Irish government also holds a 14% stake in the company. The bank offers a diverse array of services including retail, insurance, corporate and commercial.
Bank of Ireland maintains an extremely strong domestic market position as the most predominant retail and commercial banking institution in Ireland. According to the bank’s 2016 End of Year Annual Review published in February 2017, Bank of Ireland made a pre-tax profit was in excess of €1 billion and had over €123 billion in total assets. Standard and Poors (S&P) revised their long-term credit rating of Bank of Ireland to BBB- with a positive outlook.
Portfolio sale
We are inviting offers for the entire portfolio as a single lot at a guide price in excess of €28.5 million (Twenty-Eight Million and Five Hundred Thousand Euro) subject to contract and exclusive of VAT, which reflects an attractive Initial Yield of approximately 7.41% for the portfolio, based on a Net Operating Income of €2.29m. Offers for individual branches will be considered.
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Guide Price
€28,500,000
Rental Income
€2,290,000
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