Investors looking for secure income from a strong, blue-chip tenant will be running the rule over a high-profile property that has been brought to the market in Kilkenny city at a guide price of €4 million by agent Colliers.
The property, at the junction of Parliament Street, High Street and the Abbey Urban Quarter, extends to 887sq m (9,551sq ft) and is let to Bank of Ireland under a 25-year lease from December 2006 and expiring in December 2031. The passing rent is €263,387 per annum, providing secure and stable cash flow and a net initial yield of 5.98 per cent.
The ground floor of the building extends to 431sq m (4,640sq ft) and features an open-plan customer banking hall. The first floor comprises 390sq m (4,195sq ft) and provides a mix of open-plan and cellular offices along with meeting rooms. There is an additional 93sq m (1,000sq ft) of accommodation in the basement. The property also offers parking for 13 cars to the rear, in addition to a large car park positioned behind the property at Market Yard.
Parliament Street is home to a mix of retail, office and hospitality uses. The location benefits from consistent footfall and strong connectivity, with Kilkenny train station and transport links within minutes of the property. Nearby high-profile retailers including Intersport Elverys, Dunnes Stores, Grafton Barber, Boots and Rituals are a short walk from the property, which is the main Bank of Ireland branch in Kilkenny.
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The subject property sits on a 0.22-acre site, offering potential for future development. The property is not listed as a protected structure.
Michele McGarry who is handling the sale on behalf of Colliers says: “This is an easily managed, investment opportunity secured by a blue-chip tenant. The property enjoys a pivotal location in the city centre, benefiting from a strong retail presence on Parliament Street and nearby High Street. With very limited similar opportunities currently available, we expect strong interest from buyers”.
