Business

Monday 22 January 2018

Galway shows its strength with €1.7m sale of Faustina

The Faustina building sold for 30pc above its €1.3m guide price
The Faustina building sold for 30pc above its €1.3m guide price
Ronald Quinlan

Ronald Quinlan

The Faustina building on the Tuam Road in Galway has been sold by agents TWM for over €1.7m - some €400,000 above its €1.3m guide price.

Located on a high-profile site on one of the main thoroughfares into Galway city, the vacant commercial building which was in shell and core condition, was sold by tender on the instructions of receiver Tom Kavanagh of Deloitte. Ben Haythornthwaite of TWM says the property drew a number of prospective purchasers thanks to the combination of its "attractive pricing" of €50 per square foot and the current lack of built commercial space in Galway. Completed in 2008, the property had originally been granted permission for bulky goods retail, office and restaurant use. More recently planning was granted for a change of use to medical. The two-storey building extends to 2,524 sq m (27,170 sq ft), enjoys the benefit of basement parking and has the potential for the addition of a mezzanine level on its ground floor.

The Faustina is the latest purchase in a €100m round of property acquisitions by Quanta Capital.

Mel Sutcliffe of Quanta Capital says it will provide for an ideal HQ for an international medical/pharmaceutical client.

TWM's Ben Haythornthwaite added: "There was a strong interest in the Faustina with five tenders above the guide price from national and international buyers. It's extremely encouraging to see such determined interest from a variety of buyers."

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