CIE through its agent Cushman & Wakefield is seeking premium rental bids by competitive tender to redevelop the 8.2 acre Ceannt site in Galway city. The city centre site has long been a Galway landmark and is steeped in the history of the city with the adjacent rail station being built in 1851 with the completion of the Dublin-Galway rail line. Furthermore the site is strategically linked to Galway’s transport hub which will no doubt be an integral part of the development of Ceannt Quarter.
The city centre zoned site, located adjacent to the city’s Ceannt Station, represents one of the largest development sites to come to the market in Galway city centre. The property, which occupies an unrivalled position in the city and overlooks Eyre Square, is set to become Galway’s new urban quarter and provides an excellent opportunity to deliver a large scale mixed use development and meet the pent-up demand for accommodation in the city (subject to planning permission ). The Galway City Development Plan includes a specific development objective for the lands at Ceannt Station which states: “The council will consider the development of these lands for mixed use commercial development, including for commercial offices, retail, residential (equivalent to 30 per cent of the total proposed likely potential floor area ).”
In the more recent past the site was the subject of a previous master plan and scheme design prepared in 2008. This related to a large site area, with proposed development of 46,000sq m of retail, 23,000sq m of office accommodation, 176 residential units, and a 200-bed hotel.
The site is being offered by way of a development agreement subject to an annual site licence fee followed by the higher of a premium rent or an income sharing agreement with the preferred bidder. This is in accordance with the CIE policy of deriving the maximum benefit possible from its property assets in order to fund public transport investment into the future.
Patricia Staunton of selling agent Cushman & Wakefield commented: “Demand for both retail and office accommodation is extremely strong in Galway at present and, coupled with a lack of suitable supply, we believe the Ceannt Quarter site offers a once in a lifetime opportunity to create a new urban quarter for Galway city which will provide a major boost to the city’s growth.”
For further details contact Patricia Staunton, Cushman & Wakefield, on 091 569181.