Second Phase of Branch Disposals by Danske Bank. Savills have brought the former National Irish Bank on College Green to the market. This unique landmark property comprising 2,850 sq.m is being offered for sale by private treaty with a guide price of €4m.
The building originally opened as the Union Bank in 1867 and was designed by William Murray, after only six months the building was bought by Hibernian Bank Company Limited. In 1972 the property was transferred to Bank of Ireland. They subsequently sold it to Northern Bank Limited in June 1979, which was rebranded, in the Republic of Ireland, to National Irish Bank in 1987. In March 2005, Danske Bank Group, Denmark’s biggest bank, bought both Northern Bank and NIB.
The building is designed in Italian Gothic with a French chateau-like roof line and corner tower. The interior banking hall with its vaulted ceiling is a magnificent feature. The building also features detailed decorative arches and impressive columns from ground to second floor.
The facade features limestone from the Sheephouse Quarries near Drogheda. Dressings are in Portland Stone and much of the ornamentation is in Caen Stone. The rear of the building, off Andrew Street, was substantially remodelled in 1980 to include a new loading bay and three floors of the modern offices overhead. The original Banking Hall, executive office suites, overlooking College Green, were retained and restored.
The property benefits from extensive frontage onto College Green, returning on to Church Lane with ample loading access from Andrew Street to the rear offering potential for a wide range of uses subject to planning permission.
This landmark listed property is sure to generate significant interest market appeal, considering the transformation the owners of the former Bank of Ireland on College Green have achieved in being able to accommodate the dual flagship offering of Abercrombie and Fitch at the College Green side with Cult Clothing fronting onto Suffolk Street in the former banking hall.
This disposal forms part of the second phase of branch disposals by Danske Bank. Stephen Mc Carthy, Associate, Savills who is handling the portfolio disposal on behalf of Danske Bank commented
“The initial tranche of properties were located primarily in provincial locations. These properties performed exceptionally well, with purchasers mainly formed of investors and owner-occupiers taking advantage of the great value, low acquisition costs and favourable capital gains environment which currently exist.
We anticipate a strong market response to next phase of properties which include freehold opportunities on 23 -27 College Green, Dublin 2 guiding €4m, O Connell Street, Dublin 1 guiding €1m,
Main St, Malahide guiding €600,000, Walkinstown guiding €370,000, Main Street, Finglas guiding €250,000, Rose Inn St Kilkenny guiding
€620,000, Ballinamore guiding €140,000, Monaghan guiding
€320,000, Mullingar guiding €415,000, Carrick On Shannon guiding
€240,000, The Bull Ring Wexford guiding €430,000, Drumshambo
guiding €140,000, Bailieborough guiding €140,000, Letterkenny guiding €240,000, Earl Street, Dundalk €800,000 and Stephens Street, Sligo guiding €400,000.
There are also have a number of leasehold opportunities including Baggot St, Howth Road, Blanchardstown, Ballincollig, Mallow, Navan and Cavan. Modern fitted office accommodation in Drogheda and Sligo is also available.
Given the quality of locations we anticipate strong retailer interest in particular. Understandably some occupiers may prefer not to purchase a property and may wish to lease instead. This is something our client will consider on a case by case basis as part of their overall disposal strategy”
All of the properties have class two planning, enabling financial services use including bookmakers to commence immediate trade without the necessity for a change of use.
Full details of the portfolio are available on the dedicated Danske Bank Branch disposal link at www.savills.ie <http://www.savills.ie/>