Investors showing strong interest ahead of Galway auction

As the clock ticks on the Capital Gains Tax exemption scheme, investors are reportedly showing huge interest in an upcoming property auction in Galway.

O’Donnellan & Joyce Auctioneers have reported that the majority of investors are looking for residential and commercial properties with strong yields.

The scheme – whereby no CGT is liable on a property which is held for a period of seven years – comes to an end on December 31.

Auction Co-ordinator Mary Fahy said their upcoming auction on December 12 will include a variety of suitable properties for investors, including a substantial commercial property on the main Galway to Furbo Road.

The 4,500 sq ft property has very large forecourt and sits on a 0.9 acre site. It is located on the main Galway to Connemara route, this high profile location in the heart of Furbo village and the property contains village development zoning which means there is an opportunity for major development on the site.

In addition to this, there is an option to acquire a further two acres to the rear of the property.

Ms Fahy told Tribune Property: “This is an opportunity to acquire a property that could be easily let, alternatively it has enormous development potential which would give the savvy investor or owner occupier a strong return in the future.

The Advised Minimum Value is €250,000. Open viewings on Wednesdays and Saturdays from 2pm to 3pm.

Number 9 Distillery Road in Newcastle has an area of circa 1,390 sq ft and is located along an entrance to NUI Galway and adjoins the NUIG car park.

“The 0.2 acre site gives investors the opportunity to develop a student complex to complement the high profile location of the outstanding site. The property is presently in good condition for a house of its age and could be easily let with a very strong yield due its location,” said Ms Fahy.

The AMV is €450,000. Open viewings on Thursdays and Saturdays from 11am to 12pm.

Numbers 4 and 5 Newcastle Road – two terraced houses in need of modernisation – are within walking distance of NUIG and could prove attractive residential investments.

The AMV is €80,000 each. Open viewings on Thursdays and Saturdays from 2pm to 3pm.

For more, read this week’s Connacht Tribune.