Huge interest is expected from investors in a prime building on Galway City’s main shopping thoroughfare which has come on the market with a €4 million price tag.
The Bank of Ireland building on Mainguard Street is currently generating an annual rent of more than €260,000.
Selling agent Colm O’Donnellan of O’Donnellan & Joyce said: “This is a gilt-edged commercial investment opportunity which will appeal to a wide range of investors given the quality of income and return on offer.
“The property occupies a high-profile position on Mainguard Street, a busy retail thoroughfare which comprises a mixture of retail, office and leisure uses. The area benefits from significant footfall as the building is situated approximately 10 metres from the junction where Shop Street merges with High Street.”
Joint agent Paul Callanan of Savills agreed the building will be attractive to private investors and investment funds.
“This property will appeal to a wide range of private investors and funds due to the quality of covenant, location and long-term returns relative to deposit rates and government bond yields,” he said.
The four-storey over basement building is laid out to provide an open plan retail banking hall with cellular offices on the ground floor, while the basement and upper floors consist of offices. The 770 square metre building also has frontage onto Church Yard Street.
Meanwhile, a building on Eyre Square sold for €810,000 in an online auction this week.
No 17 – the four-storey over basement building which adjoins AIB – went to the market at the Allsop auction with a reserve price of €520,000 to €570,000. It houses Big O Taxis and O’Sullivan Insurance and is generating an annual rent of more than €71,000.
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