An Post selling 12 town-centre post offices including four in Cork
Offic Bantry Post Sold Being One 12 Of Is
An Post is hoping that cheques will be in the post for a multi-million euro sell-off of 12 post offices as investments, with post services continuing and buildings freed up for further town centre development and mixed occupancy.
The State postal service is offering four post offices in Cork, at Skibbereen, Bantry, Kinsale and Macroom; three in Galway, at Athenry, Loughrea, and Tuam; two in Mayo at Ballyhaunis and Westport, two in Tipperary at Roscrea, and Thurles and one in Boyle, Roscommon. All but two will offer new owners rental income via postmaster services and key, well-located properties for other uses.
The 12 post offices, plus a site in Bantry, West Cork, are expected to yield over €3m, with very varied individual values but many priced in the €200,000 to €350,000 price league.
Among those offered in Cork are Kinsale (€350,000), Macroom, (€350,000), Skibbereen (€270,000) and Bantry €250,000, plus a William Street Bantry development site for €100,000.
They are being sold by private treaty via estate agents Cushman & Wakefield and can be bought individually or together/all combined, with rents for the Cork post offices in the €9,000 to €12,000 pa range.
Two, at Thurles and at Ballyhaunis, are offered with vacant possession.
The other 10 offer investor/buyers rental income from ground floor post offices plus other opportunities.
According to An Post the sale “will ensure continuity of trade in these locations while at the same time providing a significant development opportunity in each town.” As mail delivery offices typically have moved to new, purpose-built premises elsewhere the spokesperson added the public post offices occupy a relatively small portion of the overall sites.
A data room has been set for the disposals via the Offr sales platform. Seán Coyne of Cushman & Wakefield said: “This is an opportunity to purchase iconic, and in some cases, historic buildings with huge potential in strong regional town locations.”
C&W add that “a key feature of the sale is that the properties will be sold with the post office remaining in place. This adds the benefit of an income from the ground floor post offices which are operated by local post-masters.”
The disposal “is expected to generate significant interest from a wide variety of parties as they present a significant development opportunity for prospective purchasers to acquire units in excellent locations within these busy towns nationwide,” add Cushman & Wakefield with C&W offices in Cork, Galway and Limerick handling inquiries and inspections.