Property
Agents report huge upturn in commercial transactions
Last year saw a “huge upturn” in activity in the commercial property market in Galway, according to a prominent local auctioneer.
Philip Mullery of Mullery Auctioneers said high demand spurring high levels of transactions.
“There was confidence in the office, retail, restaurant and licensed markets, noticeably concluding the year with a flurry of activity at the end of the year.
“The demand remains strong with well-located units in high demand and commercial sales and lettings handled by us throughout 2015 were across the entire spectrum of those uses.
“Agreed deals included the sale of the investment interest in part of Colonial Buildings at Eglinton Street, incorporating the Cellar Bar, the former Ming Garden restaurant and offices in,” said Mr Mullery.
Sales were also agreed on two county pubs – a residential licensed premises at Cross Street, Athenry and a former residential licensed premises known as Glynn’s in Oranmore.
“There was strong interest in the properties with competitive bidding in both instances,” he said.
In December, the firm sold a development site on the corner of Quay Street and Quay Lane by tender. It attracted huge interest locally and nationally.
Licensed lettings included a building on Prospect Hill off Eyre Square to McGettigan’s, which opened for business last June.
“Restaurant properties are in huge demand and we continue to engage with local, national and international operators looking to establish a position in the Galway market, which is hampered by the limited number of suitable properties coming available.
“For well-located properties with planning permission for restaurant uses or the possibility of obtaining such planning permission, demand is unabated.
“We have noticed a significant increase in enquiries, particularly from national and international operators and have a list of interested parties to revert to, once suitable properties become available,” said Mr Mullery.
Restaurant deals included the letting of a unit on Newcastle road, opposite UHG, to Tolteca, a national Mexican-style grill chain.
Recently agreed lettings include a ground floor restaurant unit extending to 1,430 sq.ft at Cathedral Buildings, Middle Street and a substantial dual-fronted space at Market Street and Church Lane, previously occupied by Mexx and French Connection.
Notable office lettings agreed by the agents include the entire two floors at Brooklawn House, Galway West Business Park, Knocknacarra – comprising almost 21,000 sq ft of office accommodation – to RSA Insurance Ireland.
Other recent office lettings include an office at Fairgreen House, extending to 3,550 sq ft in total, to Superpixel Ltd, and an office at Corporate House, Ballybrit, to Neuravi Ltd, extending to 6,200 sq ft.
The sale has been agreed of a mixed-use investment incorporating Ard Ri House situated at Lower Abbeygate Street and Arch Mews off William Street. The buildings include a four-storey over basement building in retail/office use and five mews residences.
O’Donnellan and Joyce are handling the sale of a large four-bed detached property located in Shangort Park, Knocknacarra, in Galway.
Located just off Shangort Road, Number 11 was constructed in the early 2000s.
It is a small, quiet development comprised of a mixture or detached and semi-detached homes finished to the highest of standards and overlooking a large green area.
In terms of location, this property has all that one would require and is ideally located within a short walk of quality local schools such as Gaelscoil Mhic Ahmlaigh, Knocknacarra National School and Colaiste Na Coiribe.
An abundance of amenities include the Gateway Shopping Park (B&Q) and Tesco. There are a number of ample green spaces and playing fields close by such as McGrath’s Field, Cappagh Park and Millars Lane.
The property is also located just minutes from the stunning surroundings of Rusheen Bay and Rusheen Woods and the area also boasts a wealth of local amenities.
For more, read this week’s Connacht Tribune.
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Property firm iamsold, whose online bidding and auction platform is used by more 300 auctioneers across Ireland, is continuing to take entries for its 2023 auctions with the next dates scheduled for May 18, June 22 and July 20.
Shane May, Sales Manager for iamsold said: “Previous years have shown the May to July period is particularly strong for selling residential and commercial property. We have an excellent variety of properties currently on offer, and we are finding that there is an ongoing appetite for realistically priced property throughout the country. Our partner auctioneers have been kept busy as requests for viewings remain high.”
Among the properties for sale at the moment are:
Sky Road, Clifden. This is a two-bed property described as “character filled” set in a wonderful holiday location.
This is a traditional cottage which has been cleverly extended to retain its character with a modern living interior. The focal point is the extended living area with full and uninterrupted views over Kingstown Bay. The property is offered at bids over €525,000 and for sale by Sherry FitzGerald Mangan.
Main Street, Headford. Currently the property comprises two buildings, one of which was a public house, whilst the other was a private dwelling. Subject to planning, there is potential to extend to the rear of the property and create multiple units which could potentially provide 2 x 2 bed apartments, along with 3 x 1 bed apartments and could be eligible for the Vacant Property Refurbishment Grant, offering between €30,000 and €50,000 towards the renovations. The property is offered at bids over €145,000 and for sale by Michelle Burke Estate Agents.
For more information on the auction, call 091 882121 or visit iamsold.ie
DNG Martin O’Connor Land Sales are holding an online auction on May 11, where two lots of land in Letterfrack will go under the hammer.
The first lot is an opportunity to acquire a cottage with shed ruins on 4.34ha (10.72 acres) of top-quality land at Attirowerty. Enjoying incredible views in all direction, this land is one of the most outstanding opportunities to acquire a lovely holding of meticulously maintained farmland in the Connemara region in many years.
Bordering the Traheen River, the cottage – dating back to the 1800s – is a traditional stone built property under a galvanised roof laid out in two rooms with open fireplaces in each room. Across the yard there are the ruins of a large shed which could be renovated.
Looking south the cottage enjoys views of Ballinakill Bay, Tully Hill and Letter Hill to the west whilst to the north Diamond Hill and the Mweelrea mountains with many more hills of south Mayo are visible in the distance.
Fully enclosed by stonewalls and concrete post with wire fencing, the land laid out in three large sections provides excellent grazing with a cattle holding yard and cattle crush.
The land is suited for all types of livestock grazing with cattle farming been the main enterprise over the years on the holding. Due to its excellent order the land would be the perfect location for breeding Connemara ponies and also ideal for holding sheep due to its field system and good boundaries.
The property presents itself as an excellent proportion for those looking for a cottage hideaway that they can renovate to their own style in this scenic part of Ireland with a wonderful atmosphere surrounding it. The lands are ideally suited to existing landowners looking to expand or those looking to set up a small holding centrally located between Clifden and Letterfrack.
Lot 2, consisting of commonage lands in three sections at Attirowerty and Baunoge, amounts to 25.5 acres and is also for sale by online auction on the day.
For further information, contact DNG Martin O’Connor on 091 866708.
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