Deal is imminent on 27 properties at Eyre Square

Date Published: 07-Feb-2013

BY CIARAN TIERNEY

A group of city centre properties which cost local developers €130 million to accumulate at the height of the boom are in the process of being sold off for a price in the region of €12 million.

Two international companies with strong Galway connections are understood to have expressed an interest in taking over the Odeon Syndicate site on the east side of Eyre Square.

British banking giant Lloyds, who took over the assets of the former Bank of Scotland (Ireland), are interested in securing a quick sale as they offload over 500 loans relating to properties all around Ireland.

The city centre site includes 18 residential and nine commercial units in the Eyre Square and Forster Street area which were snapped up by four developers before the collapse in the property market in 2008.

Yesterday, the Galway City Tribune learned that Kilcullen Kapital Partners – led by Galway native Enda O Coineen – are interested in securing all or part of the site.

The site has also been linked with billionaire Glenamaddy-born brothers, Luke and Brian Comer, who have already gone on a multi-million euro spending spree in the city in recent months, buying up to 100 properties at knock-down prices, including Kingston Hall in Knocknacarra.

Mr O Coineen confirmed to the Galway City Tribune yesterday that Kilcullen Kapital Partners had been taken on in an advisory role by Lloyds, as they bid to offload the Odeon Syndicate site from their books. He said that a deal was being finalised for the sale of the property, but declined to confirm what other firms are involved.

The Galway Chamber of Commerce and Industry said this week that the interest of international property developers in the site would be good news for the city.

For more on this story, see the Galway City Tribune