Bank investment in Swords with development prospects

An investment property with development potential in the centre of Swords town, in Fingal , north Dublin, has been brought to the market with a guide price of more than €975,000.

ocated at 47 Main Street, Swords, the property is leased to KBC Bank Ireland PLC for a term of 10 years from June 2014 at a passing rent of €68,880 per annum.

It comprises a single-storey detached building and extends to 1,711sqft, with parking to the rear for 12 cars, and the overall site area extends to 0.15 acres.

Stephen McCarthy of Savills is handling the sale on behalf of a private investor.

“This is a great opportunity for a private investor or owner occupier who is seeking a landmark commercial property in the centre of Swords, with the added benefit of secure short-term income… and with the benefit of the secure car park to the rear, which could also accommodate an extension of the ground floor trading space and upper floor accommodation, subject to planning,” he said.

Asked by the Irish Independent as to when KBC planned to leave Ireland, a spokesperson for KBC said: “The Binding Agreement between KBC Bank Ireland and Bank of Ireland remains subject to the ongoing regulatory and ministerial approvals process. While this process continues, there is no change to our organisational set-up, including our hubs which continue to operate as normal. Service is our top priority and customers can get in touch through our normal channels – our hubs, contact centre and digital channels.”

In a separate, unrelated deal, Mr McCarthy also recently brokered the sale of four retail units, 1 to 4 The Waterfront, Hanover Quay, Grand Canal, Dublin 2 to a private investor for €1.7m.

Extending to a combined 3,628sqft, the ground floor units are let to three tenants and generate €93,000 in annual rents increasing to €109,000 from next month.

Unit 1 is let to Pause Cafe, which has outdoor seating overlooking Grand Canal Dock on a lease which has more than three years remaining.

Unit 2 is let to Realm Concepts/ Bulthaup, an Irish-owned interior residential design consultancy on a lease with 14 years remaining.

Units 3-4 are let to Minima, a provider of contemporary furniture on a lease with 14 years remaining.

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