With the world in financial turmoil, those people who have money on deposit are extremely concerned and a large number are looking to buy property as a safe haven for their money. With properties down 60 per cent from the peak, and where rental yields can produce in the region of 10 per cent, the auction room is by far the most popular option for those seeking value for their money. O’Donnellan & Joyce’s next major auction on Friday September 30 will see 17 properties placed under the hammer including a large number of investment properties, all of which must be sold.
According to Anne Harding of O’Donnellan & Joyce people are starting to recognise that there is a great return on Galway city properties in good locations, and demand for rental property is extremely strong, especially with a large student and young population looking for accommodation throughout the city. A number of properties in O’Donnellan & Joyce’s forthcoming auction will offer yields between eight and 10 per cent, which is virtually unheard of, and a far better and more secure way to gain a return than leaving your money lying in a deposit account in a bank.
One of the most outstanding investment properties on offer at the auction is No 86 Glasán, Ballybane. This property is a three bedroom student accommodation townhouse located directly adjacent to GMIT. This would give a rental income of circa €12,000 a year and is on offer for €80,000. Open viewing takes place on Wednesday and Saturday from 3.30pm to 4.30pm. The solicitor with carriage of sale is Aoife Cadden, Fair and Murtagh solicitors, Ballinasloe, phone (0909 ) 650000.
Another investment property which should catch the eye is a detached residence at No 5 Seaman Drive, Riverside, Tuam Road. This property, which is a doer upper, is on offer at €90,000 and offers exceptional capital appreciation as well as strong rental growth as it is adjacent to the Galway Industrial Estate. Open viewing takes place on Wednesday and Saturday from 12.30pm to 1.30pm. The solicitor with carriage of sale is Mary Conlon, RG Emerson solicitors, phone (091 ) 562550.
No 19 Sycamore Court, Renmore, offers the perfect combination of a family home and a rental return. This three bedroom property comes with an additional self-contained apartment to the side which is fully let and produces a rental income in excess of €400 per month. The property is on offer at €170,000. Open viewing takes place on Wednesday and Saturday from 12.30pm to 1.30pm. The solicitor with carriage of sale is Jennifer Carpenter, 24 Dock Street, Galway.
No 180 Bohermore is a gilt edged commercial/residential investment property located just off Eyre Square. The property, a ground floor commercial retail unit with a modern two bedroom apartment overhead, has been totally rebuilt within the last five years and has been finished to the highest of standards. With an AMV of €120,000, it offers a potential income of €16,000 per year. Open viewing takes place on Wednesday and Saturday from 11am to 12 noon. The solicitor with carriage of sale is Dermot Kilfeather, Kilfeather & Co solicitors, phone (091 ) 562037.
Another property which would be an exceptional investment is No 188 Upper Salthill, a mid-terrace residence in mint condition which would provide either a superb family home or residential investment with possible commercial potential as it is situated just on the edge of Salthill. It has an AMV of €210,000. Open viewing takes place on Wednesday and Saturday from 6.30pm to 7.30pm. The solicitor with carriage of sale is Billy Loughnane, Courthouse View, Ennis, phone (065 ) 6820888.
No 41 St Mary’s Road is a three bedroom terraced residence within walking distance of NUIG and UHG. It has an AMV of €220,000. Open viewing takes place on Thursday and Saturday from 11am to 12 noon. The solicitor with carriage of sale is Dermot Kilfeather, Kilfeather & Co, phone (091 ) 562037
No 3 Moyola Park is possibly one of the best gilt-edged residential investments as it is a four bedroom semidetached residence located just across from the gates of NUIG, which will guarantee a rental income if required. The property has an AMV of €200,000. Open viewing takes place on Thursday and Saturday from 3.30pm to 4.30pm. The solicitor with carriage of sale is William Sandys, Sandys & Brophy, phone (091 ) 582546.
O’Donnellan & Joyce will also have on offer the following properties for sale on its forthcoming auction day, all of which would be suitable as exceptional family homes at discount prices:
A detached three bedroom bungalow at Corrib Side in Menlo has an AMV of €180,000. Open viewing takes place on Wednesday and Saturday from 11am to 12 noon. The solicitor with carriage of sale is Richard Bowen, Ballina, Co Mayo, phone (096 ) 78000.
St Jude’s, Clarinbridge, a four bedroom detached bungalow located on over one acre of a site, has an AMV of €140,000. Open viewing takes place on Wednesday and Saturday from 2pm to 3pm. The solicitor with carriage of sale is Susan Egan, Emerson & Conway, phone (091 ) 565231.
Xavier, a doer upper on Taylor’s Hill, is in a prime location and on a beautiful site which offers exceptional views. The property comes with full planning permission for a modern detached residence and has an AMV of €550,000. Open viewing takes place on Wednesday and Saturday from 2pm to 3pm. The solicitor with carriage of sale is Liam Young, O’Shea & Barry solicitors & Co, Dublin 4, phone (01 ) 6670277.
Cor na Rón, Inverin, is a beach house with direct access onto the beach and overlooking the bay. This is possibly one of the finest and most scenic locations of any property on offer on the day and has an AMV of €150,000. Open viewing takes place on Wednesday and Saturday from 3.30pm to 4.30pm. The solicitor with carriage of sale is Kevin McNamara, Kieran Murphy solicitors, phone (091 ) 587171.
No 13 St Mary’s Road has an AMV of €330,000. The property is need of modernisation; however it offers space in abundance both internally and externally and would provide the ultimate home in the ultimate location. Open viewing is on Thursday and Saturday from 11am to 12 noon. The solicitor with carriage of sale is Peter Casserly, Semple & Co solicitors, phone (091 ) 567371.
No 50 Devon Park is three bedroom family home in one of Galway’s most sought after locations. It has an AMV of €250,000. Open viewing is on Thursday and Saturday from 12.30pm to 1.30pm. The solicitor with carriage of sale is Áine Feeney, Feeney solicitors, phone (091 ) 534200.
No 68 Devon Park, situated in one of Galway’s most sought after locations and within walking distance of all major facilities, has an AMV of €260,000. Open viewing is on Thursday and Saturday from 12.30pm to 1.30pm. The solicitor with carriage of sale is Deirdre O’Connor, DM O’Connor, phone (091 ) 569170.
No 34 Rockbarton Park, Salthill, is a luxury detached residence being sold at a huge discount price of €499,000, and is one of the most attractive properties on offer on the day. With its outstanding location this modern detached residence is bound to attract enormous interest. Open viewing is on Thursday and Saturday from 2pm to 3pm. The solicitor with carriage of sale is Deoiri Forde, JM Forde & Co solicitors, phone (091 ) 582571.
No 97 Seacrest, Knocknacarra, a four bedroom detached residence, is a must-sell property. Situated in the sought after area of Knocknacarra, it is being sold at a very attractive price of €200,000. Open viewing is on Thursday and Saturday from 2pm to 3pm.
Anne Harding said the auctioneers anticipate exceptional interest not only from investors for the large number of investment properties, but also from families who require properties at discount prices in attractive locations. The auction will be held on Friday September 30 at 3pm in the Victoria Hotel, Eyre Square, Galway.
Details can be had from O’Donnellan & Joyce on (091 ) 564212 or from Colm O’Donnellan (087 ) 2887446, Tony Joyce (086 ) 2529110 or Anne Harding (086 ) 8173335.
