City centre property with tax incentives

No 36 Woodquay.

No 36 Woodquay.

A city centre property with full planning permission for redevelopment to a ground floor retail unit and overhead apartment is being offered to the market by way of public auction on October 4 at 3pm in The Galmont Hotel, Galway.

The residence at 36 Woodquay is in the heart of an area that is quickly becoming a hub for new retailers in the city and has seen a number of new businesses open in recent times. Its position between a leading bookmaker and an optician at the corner of Woodquay and Eyre Street makes this one of the last few remaining opportunities in this area. In addition, the property qualifies under the Living City Initiative with capital allowances available for owner occupier or developer. Details are available from www.revenue.ie/en/personal/living-city-initiative html.

The planning permission which has just been granted allows for the development of a ground floor retail area of 46sq m with a high-profile shop front and overhead apartment of 77sq m over two floors.

According to selling agent Alan Maxwell: “This type of property will definitely suit a smaller investor who might be looking to enhance a self-administered pension portfolio or an owner occupier looking to generate two excellent income streams. The AMV of €330,000 reflects the excellent potential and tax incentives available.”

Viewings of No 36 Woodquay can be made by appointment and plans for the property are available from the agents.

To arrange a viewing or request legal documents, contact DNG Maxwell Heaslip & Leonard on 091 565261 or log on to dnggalway.ie

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