Lot of 38 apartments in Galway city centre on market for €7.5m
Fully occupied complex in Edward Square producing annual rent roll of €553,800
Edward Square apartments: All 38 units in Galway city centre are for sale for €7.5m
One of the best located multifamily investment opportunities to reach the market in Galway city goes for sale from today when a buyer is sought for all 38 apartments in Edward Square adjacent to the William Street/Shop Street shopping area.
Cushman & Wakefield is guiding €7.5 million for the residential complex, which is fully occupied and as of April was producing a monthly rental income of €46,150 – equating to €553,800 annually. The selling price reflects a break-up value of less than €200,000 per apartment.
The homes are conveniently located above the retail units, with access points on the northeast and the southwest sides of Edward Square.
The residential complex was developed in 2002 and consists of a single one-bedroom apartment, three two-beds, 33 three-beds and one four-bed. All but the one-bed unit have duplex layouts.
Patricia Staunton of Cushman & Wakefield is confident that the sale will attract significant interest from both domestic and international investors.
She cited the scarcity of multifamily investment opportunities in the city centre and the availability of full ownership at a strong rent.