Commercial units, apartments and land across Galway set to go under the hammer

A block of commercial units on the eastern side of the city – including one formerly occupied by Lidl – is set to go under the hammer for a total of around €6 million this month.

The five units at Merlin Commercial Park in Doughiska, which are being auctioned separately, are among 18 commercial and residential properties around Galway to be sold at an Allsop Space auction in Dublin on February 18.

The Galway properties have a total price tag in the region of €7.2m.

Among the residential properties going under the hammer are four apartments are for sale as one lot in Nuns Island in the city at a reserve price of €200,000 and a two-bed apartment in Clifden for €25,000.

Robert Hoban, Director of Auctions with Allsop Space told Tribune Property: “While the market will always face new challenges, feedback from our buyers is that a very strong appetite exists for the right property in the right location. Passing income is of particular interest to investors.

“We anticipate that 2015 will be a very busy year as more and more properties come to the market to meet the continued demand. We witnessed a marked increase in first-time buyers and owner-occupiers bidding at auction and this is an upward trend we look forward to seeing continue in 2015,” said Mr Hoban.

Commercial:

Unit 3 Merlin Commercial Park. Retail warehouse building extending to 3,590 sq m. Currently let to BWG Foods Ltd (lease expiry 2028 & rent reviews every five years) with rent reserved at €340,000 per annum and current rent passing of €294,000 per annum. The reserve is between €1.85m and €2m.

Unit 4 Merlin Commercial Park. A detached two storey healthcare investment extending to 1,858 sq m. Currently let to the HSE (lease expiry 2036, subject to minimum GP requirement) with a current rent reserved of €240,529 per annum. Reserve price between €1.5m-€1.6m.

Unit 4a Merlin Commercial Park. Supermarket unit extending to 1,532.85 sq m with parking for 157 cars. Currently let to Lidl Ireland (lease expiry 2033; breaks in 2012, 2016, 2020 & rent reviews every five years). The current rent reserved is €430,000 per annum. Reserve price is €1.1m-€1.2m.

Unit 2 Merlin Commercial Park. A warehouse investment building extending to 551 sq m. Let to Smurfit Kappa Ireland on a 12-month rolling tenancy. The current rent reserved is €165,000 per annum. Reserve price is €580,000-€620,000.

Unit 1 Merlin Commercial Park. Retail and office investment building extending to 529.53 sq m. The property comprises a ground floor retail unit (modern convenience store fit out) and two storey office accommodation overheard. Both floors are subject to tenancy with a total current rent reserved of €56,000 per annum. Reserve price is €430,000-€470,000.

For more, read this week’s Galway City Tribune.