Business
Trophy site hits market with a €4m price tag

A retail, office and residential block opposite University Hospital Galway has come on the market with a price tag of €4 million.
‘Geata an Eolais’ on the corner of University Road and Newcastle Road is currently producing an overall rental income of €413,220 per annum, which equates to an income yield of 9.48% after standard purchaser costs.
The building was named ‘Gate of Knowledge’ in recognition of former UCG President Liam Ó Broin, who once lived in a house on the site.
It comprises a three-storey over basement mixed-use development which extends to 16,444 sq. ft. The sale is being handled jointly by Colm O’Donnellan of O’Donnellan & Joyce Auctioneers and Paul Callanan of Savills.
Mr O’Donnellan told Tribune Property: “The property is situated on a high profile pitch at the corner of University Road and Lower Newcastle Road, one of Galway’s busiest thoroughfares.“
Bank of Ireland is the primary tenant in the building, with a rent of €343,000 and seven-and-a-half years unexpired on the lease. The bank is sub-letting to Tesco express.
The first floor accommodation offers a modern office suite which is currently vacant and provides the purchaser with the opportunity to increase returns in the future. The second floor features 4 luxury two-bed apartments that are fully let and generate €52,800 per annum.
The rooftop area houses a telecom mast and is currently leased by O2 & Meteor with a rental income of €11,000 per annum. The basement area provides car parking facilities for up 36 cars, which is currently achieving €6,120 per annum.
“This is a gilt-edged high profile mixed-use investment opportunity which will appeal to a wide range of investors given the attractive return on offer.
“Given the strength of covenant associated with the current income profile and excellent asset management opportunities, we anticipate a strong level of interest,” said Mr O’Donnellan.
■ For further information, contact O’Donnellan & Joyce on 091 564212 or Savills on 01 6181418.
Connacht Tribune
New President for Local Ireland

The new President of Local Ireland, the association representing local news publishers around the country, is Head of Irish Times Regionals Dan Linehan.
Mr Linehan takes over the presidency from Declan McGuire of the Connacht Tribune. His appointment was confirmed at the recent Annual General Meeting of Local Ireland at Bloomfield House Hotel near Mullingar, Westmeath.
Mr Linehan, who has served as Vice President of the organisation for the last two years, said: “The coming years are a very important time for local publishers with many important issues to be addressed, including the implementation of the Future of Media Commission recommendations, defamation reform, the role and support for local publishers in public service reporting and helping publishers develop commercial digital offerings.”
Speaking at the AGM, Mr McGuire acknowledged the work done by the Executive in the past two years under the direction of Executive Director, Bob Hughes, on several projects related to the publishing industry but most especially the successful conclusion of the long-running campaign for the abolition of VAT on newspapers.
He also wished Mr Linehan the very best in his new role as President of the association for the next two years.
Mr Hughes thanked Mr McGuire for his leadership and support during his term of office and said he looked forward to working with Mr Linehan on the key policy priorities for the association, including Government supports, Government advertising, fair remuneration for content from the tech platforms and the reform of the legislation for defamation.
Local Ireland members also elected Seán Mahon, Managing Director of the Southern Star, as Vice President for the next two years.
Connacht Tribune
Employers’ group hears of key challenges facing businesses in the region

The shortage of affordable housing is the single biggest impediment in attracting and retaining workers in the West, according to business group Ibec.
At a ‘Regional Insights Series’ meeting in the Galmont Hotel in Galway last week, employers were told that capacity constraints and labour supply are the key challenges facing business growth in the region.
Ibec Head of Regional Policy Helen Leahy said: “There must be greater focus by government on enhancing quality of life issues such as housing and infrastructure which are driving labour shortages in the region.
“Ibec’s vision for the West is to realise its potential to become a globally competitive location. An inadequate supply of affordable housing is now the single largest impediment to attracting and retaining talented workers, without whom business investment and expansions are not possible.
“Labour shortages are a real concern for businesses in the region. People decide where to live and work based on quality of life and access to high quality services and amenities. Industry tends to follow talent, and in this regard, the region needs to have all the building blocks in place as the attraction and retention of world-class talent becomes increasingly competitive on a global level,” said Ms Leahy.
Amongst Ibec’s priorities for the West are:
- Addressing housing and infrastructure challenges
- Transitioning towards a new growth model with Net Zero energy powered by Atlantic offshore wind resources
- Adapting businesses to the new economic realities
- Enhancing capacity and skillsets to achieve sustainable development objectives
- Investment in people and skills
- Creating competitive advantage through digitalisation
- Innovation as a key driver of productivity growth
Connacht Tribune
Survey finds one in five retailers in Galway want to go fully cashless

One in five Galway businesses want to go fully cashless, as the move towards card payments and tapping continues unabated post-Covid.
In all, 22% of Galway businesses would like to be fully cashless, according to a survey carried out by BOI Payment Acceptance (BOIPA), a provider of payment technology solutions, which asked Irish businesses about the current payment landscape as well as business confidence and concerns.
Over one-third (36%) of Galway businesses were unaware there is no contactless limit on mobile wallets – just below the national average – while 54% believe the increase in card over cash transactions has helped them run their business.
Six out of ten Galway businesses expect to grow this year despite the cost-of-living crisis and running costs dominating as key concerns; 62% believe their business will grow over the next twelve months despite global economic uncertainty.
Unsurprisingly cost-of-living increases and running costs were the main concerns the majority of businesses had.
For more, read this week’s Connacht Tribune.
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