Landmark city centre premises for sale

No 1-2 Mainguard Street.

No 1-2 Mainguard Street.

Rooney Property Consultants is offering for sale a high profile investment property off Galway’s principal shopping thoroughfare on the corner of Mainguard Street and High Street.

No 1 to 2 Mainguard Street is a three storey building over a basement. The ground floor and first floor are currently occupied by Evergreen and are fitted out to the highest standards. Evergreen also occupies the basement. The second floor consists of a three bedroom apartment which is in need of refurbishment. The property extends to a net internal area of 272.92sq.m (2,938 sq ft ) and has a 17m frontage on to Mainguard Street and 8m on to High Street.

Evergreen currently occupies the premises on three separate leases. These leases are a 35 year lease from May 11 1983 with five yearly upward only rent reviews, a 35 year lease from June 1 1992 with five yearly upward only rent reviews, and a 35 year lease from September 1 1994 with five yearly upward only rent reviews. The total passing rent for the three leases is €78,849,08.

The three bedroom apartment is available with vacant possession. The property benefits from a high level of pedestrian footfall. Retailers in the vicinity include Eason, Anthony Ryan's, Tommy Hilfiger, and River Island.  

The property is being sold by public tender and Rooney's expects a great deal of interest from investors for the rare opportunity to acquire these high profile investment premises. The tender deadline is 5pm on December 21 2015.

For further details and a copy of the leases contact Ian Hutchinson at Rooney Property Consultants at 091 6671634.

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