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.