O'Donnellan & Joyce auctioneers along with joint agent Savills is offering for sale Geata an Eolas, a prominent mixed use development directly opposite University Hospital Galway and adjacent to NUI Galway, located just a short walk from Galway city centre.
Colm O'Donnellan of O'Donnellan & Joyce and Paul Callanan of Savills are handling the transaction on a joint agency basis and are guiding the property at €4 million. The development is situated on a high profile site at the corner of University Road and Lower Newcastle on one of Galway’s busiest thoroughfares. The property is currently producing an overall income of €413,220 a year, which equates to an income yield of 9.48 per cent after standard purchaser costs.
The property is an exceptional three storey over basement mixed use development which extends to approximately 1,527.7sq m (16,444sq ft ).
On the ground floor unit, Bank of Ireland is the primary tenant in this scheme and its rent of €343,300 accounts for 87 per cent of the passing rent with approximately 7.5 years unexpired, it has sub-let its accommodation to Tesco.
The first floor accommodation, a modern office suite, is currently vacant which provides the incoming purchaser with the opportunity to increase returns in the future.
The second floor contains four luxury two bed apartments that are fully let and generate a rental yield of €52,800 a year.
The rooftop area houses a telecommunications mast and is currently leased by 02 and Meteor with a rental income of €11,000 a year. The basement provides car parking facilities for up 36 cars, which is currently yielding an annual rental income of €6,120.
“This is a gilt edged high profile mixed use investment opportunity which will appeal to a wide range of investors given the attractive return on offer," said Colm O'Donnellan of O'Donnellan & Joyce. “Given the strength of covenant associated with the current income profile and excellent asset management opportunities we anticipate a strong level of interest."
The building has BERs of B2, B3, C1, C2, C3, and D2.
For further details or to arrange a viewing contact Colm O'Donnellan, O'Donnellan & Joyce auctioneers, on 091 564212; or Paul Callanan of Savills, Dublin, on 01 6181418.