Bank Of Ireland Building Sells For Over €3m

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The Bank of Ireland building in Castle Street which sold for just over €3m at private auction today.

THE Bank of Ireland building in Castle Street has been sold for  just over €3m this afternoon.

The property, which had an asking price of €2.5m, was sold by agents Sherry Fitzgerald Stephenson Crean at a private auction in the Imperial Hotel.

“There were 10 or 12 people there and in the end there were five serious bidders,” said Paul Stephenson of Sherry Fitzgerald Stephenson Crean.  “It was sold for just over €3m with a 9.2% yield, which is a great return on the investment.”

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The annual rent on the building is €277,584 and Bank of Ireland have a lease on the building for the next 18 years.

The building was bought in trust through a solicitor so his/her identity isn’t known, but Mr Stephenson said there was national and local interest in the property.

“It’s a great sign of the economy and a great sign for the town of Tralee that an investor bought it. With an asking price of €2.5m, it well exceeded our expectations,” said Mr Stephenson, who  added that the adjoining car-park was not part of the sale.

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