Galway office and retail investment for €1.7m
Published 02/10/2016 | 02:30
BV Commercial Real Estate is offering investors the opportunity to acquire a well-located office and retail development within a short distance of Galway city for €1.7m.
Arranged over three storeys and extending to 26,748 sqft, Oran Point in Oranmore is currently partially let.
The development's ground floor, which consists of 10,000 sqft of retail space, is generating an annual rental income of €53,600.
The first and second floor office space is currently shell and core, a factor which BV Commercial's Alan Loughrey says affords the purchaser a "blank canvas to work from in order to maximise the rental potential".
Subject to the appropriate planning permission, there may be the prospect of converting some of the office space into residential units, further increasing the return on investment.
Oran Point has ample parking space atunderground and at ground level, while Oranmore itself is served by bus and rail and is situated within close proximity of the M6 and M18 motorways.
Loughrey believes that once the property is fully let under its current planning regulations and managed efficiently, it has the potential to achieve an annual rental income of approximately €165,000.
Noting the shortage of higher-end investments available, he said: "This is a substantial property, built to the highest standard and offers considerable potential for a high return for the purchaser. With the correct tenant mix, this unit could be a key investment."