A private investor has paid €200,000 for a shop at Cross Street, Galway, let to Diamonds & Gold Jewellers. The building includes an overhead apartment with two bedrooms.
The shop is rented at €15,600 per annum, while the apartment generates an annual rent of €7,200, giving the purchaser an overall return of 10.91 per cent.
The Galway property was launched on the market last year in conjunction with four other properties with an overall guide price of €2.3 million. CBRE managed to sell four of the five properties in Galway and Kilkenny.
Natalie Brennan of CBRE said the sale of the properties demonstrated that there were still a considerable number of investors looking for good value in the property market.
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