CB Richard Ellis has this week confirmed its instructions to offer Kinlay House Hostel, Eyre Square, Galway, for sale or to let.
Kinlay House Hostel occupies a prime corner trading location in the heart of Galway city and overlooking Eyre Square. The location, at the junction of Merchants Road and Victoria Place, is ideal for hostel use as it is near Galway’s main railway and bus station. The hostel adjoins Eyre Square Shopping Centre and is within walking distance of the city’s main entertainment venues.
Galway offers an excellent business opportunity for a budget accommodation operator being a top tourist destination during the summer months and a vibrant university city the rest of the year.
Kinlay House Hostel extends to a floor area of approximately 1,500sq m and can cater for in excess of 200 guests in 49 bedrooms. It enjoys a highly lucrative all-year business and benefits from additional rental income from a ground floor shop let to Lally Coach Hire Ltd.
John Hughes of CBRE confirmed that since the announcement of the property being offered for sale/to let Kinlay House Hostel has attracted interest from potential owner occupiers and investors and is likely to achieve in excess of €2m.
Kinlay House Hostel is being offered to the market on the instruction of Neil Kelly BDO, receiver and manager, Kinlay House Hostel Galway (in receivership ).
For more information contact CB Richard Ellis at (01 ) 6185538, or visit www.cbre.ie
