QRE Real Estate Advisers and online auction specialists BidX1 are guiding a price of €1.95 million for a fully-let retail investment at the heart of Galway city centre.
Number 1 Shop Street is occupied in its entirety by phone and internet services provider, Three Ireland, on a 10-year lease from May 2016 at a contracted rent of €160,000 per annum. The guide price reflects a net initial yield of 7.46 per cent after standard purchaser’s costs of 9.96 per cent, and a capital value of €443 per sq ft.
The subject property is situated in a high-profile position at the junction of Shop Street and Abbeygate Street. Nearby occupiers include Lifestyle Sports, Rituals and AIB.
Number 1 Shop Street comprises a five-storey over-basement corner building extending to a net internal area of 307sq m (3,308sq ft) and a gross internal area of 408sq m (4,398sq ft). The property is listed as a protected structure.
Bryan Garry of QRE and Gillian Earley of BidX1 say: “We expect the sale of this property to attract widespread interest from local and international investors drawn to the underlying strength of the tenant, coupled with the ability to acquire a landmark asset in Galway city centre.”