The combination of immediate rental income and significant reversionary potential is expected to help drive the sale of a mixed-use investment opportunity which has come to the market in Galway city centre.
Located at the heart of the city’s central business district, Merchants Square is a modern building comprising a total of 2,003sq m (21,560sq ft) over four levels. The first three floors are taken up by offices while the fourth floor comprises three penthouse apartments. The property is being offered for sale by agent Cushman & Wakefield at a guide price of €6.5 million.
Merchants Square produces a total of €372,070 in annual rental income but has substantial reversionary potential. The building also offers the prospective purchaser the opportunity for further asset management with full planning permission granted in 2019 for the construction of an additional floor. This proposed floor would increase the gross area of the building by 20 per cent giving the buyer scope to increase rental income while also adding significantly to the value of the asset itself.
Sean Coyne and Patricia Staunton of Cushman & Wakefield say: “Merchants Square presents an excellent opportunity to acquire a prime office investment with good secure income and significant scope for rental uplift.”