CBRE LAUNCH HALIFAX BRANCHES TO THE MARKET
Dublin, 12th May 2010 - CB Richard Ellis announced today that they will be disposing of 44 high profile branch locations on behalf of Bank of Scotland Ireland. In February of this year it was announced that Bank of Scotland Ireland is to close its Halifax branch network in the Republic of Ireland. It was later announced that these branches were expected to close in June of this year.
The portfolio of 44 properties is one of the largest to have been brought to the market in the past decade and is sure to attract a great deal of interest, given their prime retail locations. Unlike many of their competitors, Halifax made a conscious effort to secure their branches in high profile retail pitches. CB Richard Ellis will be disposing of 43 leasehold interests with 1 freehold opportunity on Main Street, Swords. Over 25 of the stores are situated in the greater Leinster area with the balance spread around Ireland.
The current planning allows for banking services, bookmakers, financial institutions etc, however, it is understood subject to planning deals will be considered. Being that many of the units are on high street or shopping centre locations it is expected that there will be great flexibility in end users.
Already according to CB Richard Ellis a large number of multiple retailers have been in contact, further highlighting the expected demand for the portfolio.
Some of the higher profile properties are to include College Green and St Stephens Green in Dublin. At College Green the property extends to approximately 214 sq m (c.2,303 sq ft) at a passing rent of €175,370 per annum. There is also likely to be high levels of demand for Golden Island; West Street, Drogheda; Eyre Square, Galway; Main Street, Naas; Edward Street, Newbridge and Barronstrand Street, Waterford. There are also branches in Manor Walk Shopping Centre, The Square Shopping Centre, Omni Shopping Centre and Long Walk Shopping Centre in Dundalk. Rents vary depending on location and size but it is understood the average rent paid per location amounts to approximately €95,000 per annum.
According to Cormac Kennedy, Director of Retail in CB Richard Ellis who shall be disposing of the properties on behalf of Halifax in the Republic of Ireland, ‘’anticipates strong interest from multiple retailers given the portfolios excellent locations and extensive fit-outs’’.
For Further Information Please Contact:
CB Richard Ellis, Ireland – Retail Agency
t: + 353 1 618 5583
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2009 revenue). The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company for three years in a row. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CB Richard Ellis is the country’s largest commercial real estate services company, now employing over 110 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, project management, consultancy, valuations and research. CB Richard Ellis Ireland has been listed among the top 50 Best Workplaces in Ireland, 2010, for the sixth year running.
Please visit our website at www.cbre.ie or www.cbre.ie/ni