Modern mixed-use Galway investment for €3.2m

Seamus Quirke Rd development includes 20 student apartments, retail units and offices

 

There should be keen interest among investors for a mixed-use investment of 20 student apartments, some retail units and offices in Galway which goes on the market this week guiding more than €3.2 million though agent TWM Property Solutions.

Should it sell at this level, this would reflect a net initial yield of 8.14 per cent.

This modern development, located on Seamus Quirke Road, was built in 2003 and includes three residential blocks and a block of retail, residential and offices. It is within walking distance of the National University Ireland Galway campus, Galway University Hospital and is about 2km from the city centre.

The 52 student bed spaces are arranged within 12 three-bed and eight two-bed units. These are let on an individual basis for the academic year which allows the landlord to increase the rent roll through short-term summer rentals.

Three of the four commercial units are occupied by Subway, Dominos Pizza and the Irish Nurses’ Council – the tenants are not affected by the sale – while one ready-to-rent office suite is vacant.

This investment produces a rent roll of about €271,934 per annum from the 1,633.86sq m (17,587sq ft) of space. There is plenty of car-parking spaces to the front of the blocks and rear of the commercial units.

Nearby is the Westside Shopping Centre, anchored by Dunnes Stores, and West Side Retail Park, which is anchored by Aldi.

Galway, with a student population of 20,000, is one of the biggest regional third-level centres in the country.