Tuesday 17 July 2018

Top investment opportunities go under hammer in Galway

Cathedral Buildings situated in the heart of Galway City
Cathedral Buildings situated in the heart of Galway City
Ruxton Court in the heart of Galway City

Donal Buckley

A number of investment and development properties will be auctioned by Galway agent Colm O'Donnellan, who featured in a number of RTE's recent TV property programmes, and who will wield his gavel at the next O'Donnellan & Joyce bumper auction on July 20 in Galway.

About 40 lots will be offered, including some from Mayo, Cork and Limerick and about 10 lots are priced between €450,000 and €900,000 - as well as many more below those figures.

One of the more interesting ones is a mixed-use investment Ruxton Court, Dominick Street, in Galway city centre, which has an €850,000 AMV, a reduction on the €1m which was considered when it was pencilled in for a previous auction last year but subsequently withdrawn.

Extending to 464 square metres, its ground floor retail space is occupied by Paddy Power bookmakers and an occupied office is also located at this level. A first-floor office is also tenanted as are three of its four townhouses. Its annual rental income is €43,000.

The most valuable investment is a group of four townhouses ranging in size from three to four bedrooms, which are being sold as one lot with a €900,000 AMV.

Located at Garden Close, Shantalla, Galway, they are within walking distance of Galway city centre, the university and main hospital. The properties are in good condition and are currently occupied. Rental details were not available by the time we went to press.

What appears to be a very keen price of only €150,000 is guided for a tranche of 13 office units on two separate floors of Cathedral Buildings on Middle Street in the city centre.

The units are let to Engaged Studios and are generating about €1,500 per month or €18,000 per year. Service charges total €6,500 a year. Engaged Studios have been in situ since 2005 but there is no lease in place. They contain communal toilets and a canteen area. The offices on offer extend to 2,660 sq ft. With increased demand for co-working and flexible offices, this lot could prove to be one to watch.

A small apartment block on a 0.5 acre site with development potential in Moycullen, Co Galway, has a €600,000 AMV. It comprises five two-bedroom apartments and the site has planning permission until next year for four more units. Located at Kilrainey House, Church Road, they are within 500 metres of Moycullen Village.

Also in Moycullen, a four-acre site with town centre and commercial zoning has an €800,000 AMV. Closer to the city a semi-detached cottage on a 0.81 acre development site, at in the northern suburb of Ballybrit, has a €325,000 AMV. Zoned high-density residential, it is located close to Briarhill Shopping Centre and business parks at Ballybrit and Parkmore. One of the more valuable residential lots is a six-bedroom detached house at 24 Seamount, Threadneedle Road, Salthill, which has a €725,000 AMV. It extends to 2,997 sq ft. A smaller period terraced house at 9 St Mary's Terrace, Taylor's Hill, Galway City, also has a €725,000 AMV. Its 2,164 sq ft accommodates five bedrooms.

Sunday Independent

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