Sunday 22 October 2017

Six Galway units and a site are up for auction

Six commercial properties and a development site are among the 16 lots which will be going under the hammer at a DNG auction in Galway on 26 July.

The commercial properties include two mixed-use investment properties in the heart of Galway City. The development site is in the centre of Tully Village on the Renvyle peninsula and comes with planning permission for seven detached houses designed to take advantage of vistas over Killary Bay.

This 4.2 acre site at Tully, Renvyle has a €80,000 AMV. Auctioneer Alan Maxwell of DNG Maxwell Heaslip & Leonard says the AMV is quite keen, considering that half-acre sites in the area were changing hands for €250,000 in the past.

The Galway city centre investment properties include 51 Dominick Street, a 2.5-storey mid-terrace commercial building which extends to 205sqm (2,202 sq ft). Dela Restaurant trades in the ground floor which extends over 1,500 sq ft and has a €475,000 AMV.

Its first and second floors comprise a three-bedroom apartment over 58sqm, independently accessed from street level.

The contracted rent on the restauarnt is €60,000 a year but the tenant is on a temporary rental reduction. The apartment is vacnat but is reckoned to have the potential to generate €12,000 a year in rent.

Next door at 53 Dominick St, the ground floor is let to Aniar, the only Michelin starred restaurant in the west of Ireland, which has been getting rave reviews since opening in 2011.

Overhead is another three-bedroom apartment and the combined rent from the two units totals €28,000 a year. However it is smaller, extending to 155sqm of which the ground floor is 74sqm. First and second floors are independently accessed from street level with an 80sqm three-bedroom apartment with roof garden.

The ground floor is let from June 2011 on a ten-year lease at a current rent of €18,200 per year, with a break option in 2016. Its AMV is €190,000. The tenants are not affected by the sale.

Three of the other commercial investment properties are located at Milltown, Co Galway and each of these ground-floor units have guide prices of €25,000 each.

The sixth is a two-storey unit with workshops extending to almost 186sqm (2,000 sq ft) on a 0.3 acre site at Clarinbridge, Co Galway, with a €180,000 AMV.

The other nine lots include a mix of Galway City apartments and Co Galway houses ranging in price from €60,000 to €180,000.

Irish Independent

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