The property is a landmark Grade B+ Listed Building (ref: HB26/50/106) comprising ground floor retail accommodation, with additional backup/office space at first and second floors. To the rear of the property there is a secure service yard onto Bank Square. The building was originally constructed in 1869 and designed by William J. Barre for the Belfast branch of the Provincial Bank of Ireland. The Provincial Bank of Ireland continued to occupy the building until the Allied Irish Bank took over in the late 1980s and was subsequently refurbished and extended in 1996 for Tesco’s occupation.
We are instructed to seek offers over £4,250,000 (Four Million Two Hundred and Fifty Thousand Pounds) for our clients freehold/long leasehold interest, excluding VAT. A purchase at this level would reflect an attractive net initial yield of 23.74% assuming purchasers costs of 6.55% and a capital value of £165 per sq ft.