Commercial property market performs strongly

The commercial property market in the city centre is performing strongly at the moment, with sales completed on two key sites in recent weeks for a total figure believed to be more than €4 million.

An unnamed buyer has purchased a derelict three-storey building on the corner of Quay Street and Quay Lane, while a city publican has purchased part of the Colonial Buildings on the corner of Eglinton Street and Williamsgate Street.

Selling agent Philip Mullery of Mullery Auctioneers would not be drawn on the selling price of No 25 Quay Street and 2-5 Quay Lane, but said it sold for “significantly in excess” of its guide price of €600,000.

The property – once earmarked for a €10m bar, restaurant and upmarket hostel premises – was sold by tender, and attracted a lot of interest from local and national buyers.

“There was an awful lot of interest in it, and it achieved a very strong price. The tender process went exceptionally well and it sold significantly in excess of the guide,” said Mr Mullery.

He said he could not disclose the actual selling price, the buyer’s identity, or their intentions for developing the building.

In 2009, the previous owner, developer and hotelier Mike Finn, sought permission to redevelop the building, which is a Protected Structure, although he subsequently withdrew the planning application after concerns were raised by the Department of Environment, Heritage and Local Government about unauthorised works and restoration of the building.

For more on this story, see this week’s Galway City Tribune