O’Donnellan & Joyce reports that investors are chasing properties prior to the end the year in order to avail of the exemption from Capital Gains Tax on properties held for over seven years, and the majority of investors are looking for residential and commercial properties with strong yields.
O’Donnellan and Joyce’s forthcoming auction will feature a large number of properties which are bound to attract the interest of savvy investors who are not only looking for a strong return but also future development potential which will give a further uplift on rental income.
According to Mary Fahy, auction co-ordinator at O’Donnellan & Joyce, the company will auction a number of very suitable properties for investors such as a very substantial commercial property on the main Galway-Furbo road. The property, which is located in Furbo village, comprises 4,500sq ft and is regarded as the prime retail store in this locality. It has a very large forecourt and sits on circa 0.9 acre site. Situated on the main Galway-Connemara route, the property has village development zoning which means there is an opportunity for major development on the site. In addition to this, there is an option to acquire a further two acres to the rear of the property.
This is an opportunity to acquire a property that could be easily let in the morning; alternatively it has enormous development potential which would give a savvy investor or owner occupier a strong return in the future.
This property has an AMV of €250,000 and there are open viewings every Wednesday and Saturday from 2pm to 3pm.
The second property for the savvy investor is No 9 Distillery Road, Newcastle. The property has an area of circa 1,390sq ft and is located on the main artery into NUIG, adjoining the NUIG car park. The property, which is an executor sale, is situated on one of the largest sites in this locality, circa 0.2 acre, giving investors the opportunity to develop a student complex to complement the high profile location of this outstanding site. The property is in good condition for a house of its age and could be easily let with a very strong yield due to its location.
This property has an AMV of €450,000 and there are open viewings every Thursday and Saturday from 11am to 12 noon.
According to Mary Fahy of O’Donnellan & Joyce the company will be offering a range of other properties such as two terraced houses located at Nos 4 and 5 Newcastle Road. These are need of repair and are the perfect ‘doer-uppers’. Located within walking distance of NUIG, these properties would be easily let and are very attractively priced, the perfect residential investment. These properties have an AMV of €80,000 each and are open for viewing every Thursday and Saturday from 2pm to 3pm.
Other properties which are attracting interest from investors include a large four bed semi at No 23 Cedarwood Close, Highfield Park. The property is currently divided into two self-contained apartments with a large basement suitable for further development. The property is providing an exceptional rental income and has a very attractive AMV of €250,000. Open viewings on this property are held every Thursday and Saturday from 11am to 12 noon.
For investors looking for something larger, there is a block of four apartments on Shantalla Road. These self-contained modern apartments have space in abundance. The block comprises two two-bed apartments and two-three bed apartments. Located a leisurely stroll from the city centre and contained in a large forecourt with parking, this property would be a gilt-edged investment and better than money in the bank. The AMV on this property is €450,000 and there are open viewings every Thursday and Saturday from 3.30pm to 4.30pm.
O’Donnellan & Joyce also has a number of city centre residential apartments on offer which would be suitable as investments, such as No 12 Fisherman’s Wharf, Bowling Green, a two bedroom apartment with an AMV of €140,000; No 2 Eglinton Court, a two bedroom apartment with an AMV of €118,000; No 35E Merchants Dock, Merchants Road, a two bed apartment with an AMV of €180,000; and No 10 Commerce Court, Flood Street, a three bed duplex with an AMV of €165,000.
According to Mary Fahy the auction on December 12 in the Harbour Hotel, Galway, will offer a great variety of quality investment properties at very attractive prices. There will be more than 50 properties on offer with a large number of gilt-edged investment properties which would be better than money in the bank. This is the last opportunity to acquire property and avail of the Capital Gains Tax exemption.
All the properties can be viewed online at www.odonnjoyce.com or for further details contact the O’Donnellan & Joyce auction team on 091 564212.