Investment properties in Galway are currently hard to come by with a shortage of higher end commercial properties available. However this week, BV Commercial Real Estate in Galway has brought to the market one of the finest developments in the environs of Galway city.
“Oran Point in Oranmore comes to the market with a price tag of €1.7 million and offers potential purchasers the opportunity to mould this new development to suit their needs,” said Alan Loughrey, managing director of BV Commercial.
“Offering around 26,748 square feet of office and retail space over three floors, this is a prime opportunity to acquire a top class property. The building is constructed to a very high standard using the best of materials,” Mr Loughrey added.
“Partially let, the ground floor consists of approximately 10,000 square feet of retail space generating an annual rental income of €53,600. There are already three tenants operating from units on the ground floor,” he said.
“The first and second floor office space is currently shell and core, leaving the purchaser a blank canvas to work from in order to maximise the rental potential.”
Subject to planning approval, there may be the option to convert some of the office space into residential units. This would further increase the return on investment.
“We believe that when fully let under its current planning regulations and through efficient asset management, Oran Point has the potential to achieve an annual rental income of approximately €165,000,” said Loughrey.
“This is a substantial property, built to the highest standard and offering considerable potential for a high return for the purchaser. With the correct tenant mix, this unit could become a key asset in any portfolio.”
As a commuter town near Galway city, Oranmore is served by bus and rail and is in close proximity to the M6 and M18 motorways. It is halfway between Galway city and Athenry, where the new Apple data centre will be located. Galway Clinic is situated nearby.
“Through the allocation of car parking above ground and underground, Oran Point has ample parking space for tenants and visitors. The combination of high quality build, proximity to Galway city centre, and ease of access to good road networks make Oran Point a world-class development in a prime location,” said Loughrey.