In what is one of the largest property portfolios ever to be placed on the Irish market, DTZ Sherry FitzGerald will be offering 49 former First Active branches to the market. The disposal of the 49 branches is part of the bank’s merger programme announced earlier this year. DTZ Sherry FitzGerald will be responsible for marketing the surplus properties, which are a mixture of leasehold and freeholds. A large proportion of the portfolio falls within the Leinster region.
The portfolio will offer 24 freehold units comprising two investment opportunities, 22 leasehold units, and three units which are partly owned freehold and part leasehold. The approximate total value of the 24 freehold properties amounts to in the region of €13.5 million, with lot sizes varying from €200,000 to in excess of €2 million. The majority of the properties are well located on high profile pitches including locations such as Main Street, Oranmore; Forster Street, Galway; Dundrum, Dun Laoghaire, Upper O’Connell Street, and Upper Baggot Street in Dublin; and towns such as Castlebar, Athlone, Ballina, Letterkenny, Ennis, Bandon, Sligo, Carlow, and Tralee.
The leasehold interests currently held by First Active vary widely in terms of lease length and passing rents. In total the units provide a combined passing rent of approximately €1.75 million. Current passing rents for the properties vary from €13,000 per annum to approximately €120,000 per annum for some of the higher profile locations. The leases, as would be expected, have a variety of expiry dates from as early as two years.
Patricia Staunton, associate director at DTZ Sherry FitzGerald Galway, said the portfolio offers the opportunity for investors, retailers, and owner occupiers to acquire an excellent nationwide spread of freehold and leasehold units on strong retail pitches in excellent provincial and city locations.
The properties will be sold on a private treaty basis, either individually, grouping, or as an entire portfolio.
For more visit www.49properties.com or call freephone 1800 49 20 09.
