Unique redevelopment opportunity in Galway city centre

Galway’s General Post Office on Eglinton Street in Galway city centre has long been a part of the fabric of this thriving city. An Post, through its sole agent, Cushman & Wakefield, are now offering the property to the open market.

Cushman & Wakefield is seeking premium rental bids by competitive tender to redevelop this strategic land holding in the heart of Galway city together with upgrading the current post office on Eglinton Street, Galway. The redevelopment of this site, which extends to 0.699 acre, provides an opportunity to deliver a civic space for arts/culture in a city that is proud of its cultural heritage. The city centre site has been historically underutilised and, given its pivotal location and strategic links to Galway’s main thoroughfare, it presents an exciting opportunity to re-imagine this location.

The city centre zoned site is located directly beside Brown Thomas in the heart of Galway, adjacent to its thriving commercial core of William Street and Shop Street. The property, which occupies an unrivalled position in the city, provides an excellent opportunity to deliver a range of potential uses given its current zoning, location, and unique position within the city framework.

As part of the overall redevelopment An Post, which has had a presence on Eglinton Street since the 1850s, will see the renovation and upgrading of its existing structure while enabling the future redevelopment of the remainder of the site by way of a development agreement. The site is being offered by way of a development agreement subject to an annual site licence fee followed by the higher of a premium rent or an income sharing agreement with the preferred bidder.

Peter Quinn, An Post’s chief finance officer, said: “An Post, having been central to the economic life of Galway and its people for generations, is delighted to be part of the next phase of the city’s development, our Eglinton Street post office and adjoining property will be key to the planned development.

“This announcement comes at a time when post offices are developing as important service centres for individual customers and SMEs, particularly in the provision of community banking financial services and the growth of ecommerce.”

In 2019 and 2020 the vacant An Post property provided a highly successful exhibition space for both the Galway Arts Festival and the TULCA Festival of Visual Arts.

Patricia Staunton of selling agents Cushman & Wakefield commented: “Demand from a number of the key property classes is strong in Galway at present and coupled with a lack of suitable city centre redevelopment opportunities we believe the site offers a fantastic opportunity to create a new presence which will provide a major boost to the city’s growth.”

For further details contact Cushman & Wakefield on 091 569181.

 

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