A significant increase in commercial letting activity has been recorded by Mullery auctioneers in the first half of 2011, with a notable increase in demand for office accommodation which has been the laggard of the commercial market in Galway in the last two or three years.
The demand for retail, licensed, and food related uses remains strong with well located units in high demand.
Philip Mullery noted the changes in the market in recent years, in particular with regard to the length of leases being negotiated compared to five or six years ago. “There is a shift towards shorter lease commitments with many leases being negotiated for less than five years, whereas 25-year and 35-year leases were commonplace a number of years ago,” he said. “The market has adapted and both landlord and tenant see mutual benefits in opting for a shorter term. The tenant, unsure about the fragility of the market, seeks to dip their toe in the market and test the water, while the landlord benefits from a rental stream for the foreseeable future while having the flexibility to review the situation within a few years.”
Notable lettings agreed most recently include No 39 Eyre Square, a retail property in an excellent location on the northwest side of Eyre Square; No 36A Merchants Road, a ground and first floor office unit comprising c2,650sq ft; No 5 Commerce House, a ground floor commercial unit at Flood Street comprising c720sq ft; a first floor office suite at Eyre Street above Coco Café; and ground floor offices on Prospect Hill extending to c1,700sq ft.
Mullery auctioneers successfully negotiated a letting of The Cellar Bar in recent months, which has since reopened. “The interest in this property was phenomenal, with both local and national interest in this very well located licensed property which has been well known for many years as a popular place for food and drink and renowned as a music venue,” said Philip Mullery.
Mr. Mullery is currently handling the letting of a restaurant which formerly operated as Ya Ya’s in Ballybrit Business Park adjacent to numerous office and manufacturing concerns with nearby employers such as Boston Scientific and HP. “This represents an excellent opportunity for a restaurateur/café operator to operate a fully fitted and equipped restaurant without the complications or expense of fitting out a restaurant,” he said. “This opportunity is turnkey.” There is also a separate retail shop unit available adjacent to the restaurant.
The agents are also handling the letting of an extensive ground floor retail unit at Westside, formerly occupied by a bookmaker, along with a separate letting in the same building being the final office lot, offering new second floor offices overlooking the surrounding area, superbly designed with an extensive use of glass to provide an exceptional working space.
Mullery auctioneers is also leasing a retail unit in Clarinbridge village adjacent to Claire’s Tearooms which benefits from an abundance of parking. This unique building with cut stone façade would suit numerous uses.