DTZ Sherry FitzGerald and Mason Owen & Lyons have just launched on the market Hibernian House in Eyre Square. This imposing city centre building has long been a Galway landmark and formerly housed the Revenue Commissioners – the building has modern office accommodation on the upper floors, behind an imposing classical façade facing Eyre Square.
The building extends to a total of 2,808sq m (30,225sq ft ) over five levels and provides retail accommodation on ground floor with four floors of offices overhead. The ground floor is trading as Dealz and is let on a 10 year lease from July 2015 at a rent of €116,754 per annum; the third floor and part first floors are let, bringing the overall rent roll from the building at present to €184,496 per annum.
Having regard to the low vacancy rates for offices in Galway city at the moment, Hibernian House also offers significant reversionary potential with a further 1,228sq m (13,218sq ft ) of vacant office accommodation with the potential to greatly increase the income from the property to more than €300,000 when fully let.
The office accommodation is accessed via a striking portico from Eyre Square, with a passenger lift servicing all floors. The common areas of the building were recently fully refurbished by the current owners.
The property has an AMV of €2,750,000 and is for sale by private treaty. Sean Coyne of DTZ Sherry FitzGerald noted: “It is rare to see such good quality buildings being offered for sale on Eyre Square, and we expect strong interest in this investment property.”
The property is for sale by joint agents DTZ Sherry FitzGerald and Mason Owen & Lyons and further details can be acquired from DTZ Sherry FitzGerald on 09 -569181 or Mason Owen Lyons on 01 6611333.