DTZ Sherry FitzGerald has been favoured with the sale of two prime commercial properties. The first is a prime commercial investment opportunity in Ballinasloe and the second is a prime commercial site in the heart of Galway city. Both sales are being handled by Aidan Gavin.
The freehold Ballinasloe bank branch is a landmark building with excellent profile on Main Street in the town centre. The property comprises a detached six-bay, four-storey over basement bank building with cut stone façade and portico, set behind cast iron railings. The accommodation comprises a ground floor banking hall with offices and storage on the remaining floors with a stated lease area of 944.43 square metres. There is also a large dedicated customer car park to the rear with parking for 37 cars.
The property is let to the Bank of Ireland on a 25 year lease from December 2006 with a tenant break in year 15. The passing rent is subject to a fixed 15 per cent rental uplift from December 2011, to an annual rent of €246,936, and upward only to open market rental value at each subsequent review.
Aidan Gavin commented: “There are excellent opportunities in the market at present for investors to secure solid income at very attractive yields.” The fact that there is a single tenant responsible for the income is a big advantage. The branch investment offers secure income to Bank of Ireland in a well known and established pitch. It is a landmark building in the town with a prominent profile and excellent car parking provisions and the property fundamentals tick all the boxes for a buyer.
The second property is for sale on the instruction of the receiver, Mr Paul Mee, of Mazars. The site comprises the former Esso petrol station on the Headford Road, the property extends to .35 acre and is currently zoned Town Centre, it has the added benefit of 46 metres of frontage onto the Headford Road and both access and regress to the road. The Headford Road is one of Galway’s prime retail pitches immediately adjacent to the Headford Road Retail Park and Galway Shopping Centre. The site has huge potential for a variety of uses (subject to planning ) from car wash/drive through, redevelopment to retail. The property is on the market for a quick sale and all reasonable offers will be given serious consideration by the vendors.
For further information on both properties contact Aidan Gavin or Patricia Staunton at DTZ Sherry FitzGerald’s office 091 569181.
