Ir­ish buyer for BOI HQ in cen­tre of Lim­er­ick

Irish Independent - Business Week - - COMMERCIAL PROPERTY - Peter Flana­gan

A do­mes­tic in­vestor has forked out €10.5m for a Bank of Ire­land head of­fice build­ing (pic­tured) in the cen­tre of Lim­er­ick City.

The of­fice block on O’Con­nell Street had gone on the mar­ket in De­cem­ber 2014 through Knight Frank with an ask­ing price of €8m. That was a frac­tion of the €20m that it had sold for in 2008.

The prop­erty com­prises an im­pos­ing 3 storey over base­ment build­ing of ap­prox­i­mately 2,095 sq m (22,550 sq ft) with a stone clad and glazed fa­cade.

Knight Frank say the prop­erty was “ex­ten­sively up­graded and re­fur­bished” in Septem­ber 2009 and is a fit for pur­pose head­quar­ters build­ing.

Key spec­i­fi­ca­tions in­clude air con­di­tion­ing, sus­pended ceil­ings, re­cessed light­ing and two lifts.

The prop­erty is let to Bank of Ire­land on a 25 year full re­pair­ing and in­sur­ing lease from De­cem­ber 2006. The pass­ing rent is €685,736 per an­num with up­ward only rent re­views every five years. The pur­chase price rep­re­sented a net ini­tial re­turn in the re­gion of 6.2pc.

Knight Frank com­mented: “The ground floor ac­com­mo­dates the public bank­ing hall with an­cil­lary of­fice and stor­age to the rear.

“The up­per floors pro­vide for fur­ther at­trac­tive mod­ern of­fice ac­com­mo­da­tion which can be separately ac­cessed if re­quired.

“The base­ment con­sists of bank vaults, stor­age and staff fa­cil­i­ties.

“The build­ing is in ex­cel­lent con­di­tion and has been well main­tained by Bank Of Ire­land’s ded­i­cated Group Prop­erty man­age­ment team.”

The area around the prop­erty is said to ben­e­fit from Lim­er­ick City’s high­est lev­els of pedes­trian and ve­hic­u­lar traf­fic.

This is re­garded as having been fur­ther re­in­forced by the com­ple­tion of ma­jor streetscape im­prove­ment works over the past ten years on both Bed­frod Row and near-by Thomas Street.

Ross Fog­a­rty of Knight Frank han­dled the sale and Gra­ham Far­ley of Far­ley Prop­erty rep­re­sented the pur­chaser.

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