Lot - 1 Shop Street, Galway City, Co. Galway, H91 V0R2

Bidding Closed

SOLD FOR

€2,006,000

Property Enquiries

Gillian Earley

gillian.earley@bidx1.com
+353 (0)1 667 3388
+353 (0)87 965 4555

Viewing/ Registration Enquiries

BidX1 Support Team

info@ie.bidx1.com
+353 (0) 1 667 3388

Vendor Solicitor

Lorraine McDermott

l.mcdermott@beauchamps.ie
+353 (0) 1 418 0632
Description
Map
Viewings

Property Summary
  • A landmark city centre retail investment.
  • Comprising a five-storey over basement building benefitting from dual frontage onto Shop Street and Abbeygate Street.
  • Extending to approximately 307.35 sq. m (3,308 sq. ft) NIA and 408.61 sq. m (4,398 sq. ft) GIA.
  • Entire building let to Three Ireland (Hutchison) Limited.
  • Lease expiry 2026.
  • Open market rent review May 2021.
  • Total current rent reserved €160,000 per annum.
  • Net initial yield 8.31%.
Location
  • Galway is the fourth largest city in Ireland with an urban population of some 75,000 people (as of the 2016 Census).
  • The city is situated approximately 98km north of Limerick and approximately 85km west of Athlone.
  • Transport links are provided by the M6 Motorway which is situated approximately 5km to the east, public transport is served via a number of bus routes and Ceannt Rail Station.
  • The property is situated in a prime location in Galway city centre at the junction of Shop Street and Abbeygate Street.
  • The property is located directly opposite AIB and adjacent to Lifestyle Sports.
  • Shop Street offers a unique shopping experience with a wide array of well known retailers together with a host of tourist attractions, bars and restaurants.
Description

The property is arranged to provide a prominent five-storey over basement corner building. Internally, the ground floor is laid out as an open plan retail store and currently trades as a mobile phone shop. The first and second floors are fitted and are in use as offices and staff areas.  The third, fourth and basement floors comprise storage accommodation. The upper floors are accessed via an internal stairs and also have the benefit of a separate external door from Abbeygate Street.

Tenancy

The entire property is let to Three Ireland (Hutchison) Limited on a 10 year FRI lease from May 2016.  The lease provides for an open market rent review in May 2021, the rent will be reviewed to open market rental value. A deed of renunciation has been executed by the tenant.

Three Ireland (Hutchison) Limited has a Vision Net Rating of 71/100. Three is one of Ireland's leading mobile operators with 35% market share and 2.2 million customers (as of March 2019).  Three is 100% owned by CK Hutchison Holdings Limited (CK Hutchison), a renowned multinational conglomerate committed to innovation and technology with businesses spanning the globe.  With operations in over 50 countries and over 300,000 employees worldwide.  Source: www.three.ie

VAT
Please refer to Legal Documents
Property Table

*All intending purchasers are advised to satisfy themselves as to the accuracy of the measurements provided.

FloorGross Internal Area (GIA) sq. mNet Internal Area (GIA) sq. m
Basement67.1457.64
Ground71.558.52
First65.9249.38
Second67.147.1
Third68.4747.5
Fourth68.4847.21
Total408.61 sq. m307.35 sq. m

No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the vendor in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the vendor. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the vendor. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor.


Contact Gillian about this property