BREAKING: Latest on bank in Kilkenny as building for sale at €4 million

Colliers has launched the sale of a high-profile investment opportunity in Kilkenny City, offering investors a long-term income stream secured by Bank of Ireland.

The two-storey over basement property holds a prominent position at the axis of Parliament Street, High Street and the Abbey Urban Quarter, one of Kilkenny’s most established commercial locations.

Extending to 887 sq. m. (9,551 sq. ft.), the property is let to Bank of Ireland under a 25-year lease from December 2006 and expiring in December 2031.

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The passing rent is €263,387 per annum, providing secure and stable cash flow.

The ground floor provides 4,640 sq.ft, features an open-plan customer banking hall.

The first floor comprising 4,195 sq.ft provides a mix of open-plan and cellular offices along with meeting rooms. There is an additional 1,000 sq.ft 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 the Kilkenny train station and major transport links located within minutes of the property.

Nearby high-profile retailers in the immediate area include Intersport Elverys, Dunnes Stores, Grafton Barber, Boots and Rituals, all within close walking distance.

Importantly, the property is the main Bank of Ireland branch in Kilkenny with only one other branch in the county.

The property proximity to the site of the new Abbey Quarter Urban Street and Park, a landmark regeneration project recently signed off by Kilkenny County Council, is a bonus.

The wider Abbey Quarter masterplan will deliver a new urban park, retail, restaurants, apartments and a proposed hotel, transforming the area into a vibrant, mixed-use quarter which will significantly enhance the immediate environment.

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The property sits on a substantial site extending to approx. 0.22 acres, offering excellent potential for future development. It is also worth noting that the property is not listed as a ‘Protected Structure’ under the Kilkenny City Record of Protected Structures list.

Colliers recently sold Bank of Ireland, Dooradoyle, Limerick, which sold for €1.9 million, reflecting a Net Initial Yield of 5.78%. Colliers are guiding €4 million, reflecting a Net Initial Yield (NIY) of 5.98%.

As this is an investment sale, Bank of Ireland are not affected.

Michele McGarry who is handling the sale on behalf of Colliers said "the opportunity offers buyers an easily managed, investment opportunity secured by a blue-chip tenant."

"The property enjoys a pivotal location in the city centre, benefitting from a strong retail presence on Parliament Street and nearby High Street," she continued.

"With very limited similar opportunities currently available we expect strong interest from buyers."

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