Property Partners Maxwell Heaslip & Leonard is offering two gilt-edged investment properties that are the closest thing to guaranteed rent as is possible in its final auction of what has been a highly successful year both on the auction floor and in the private treaty market. The auction will take place in the Imperial Hotel on Friday November 16.
The two apartments are both ground floor and within walking distance of NUIG, UHG, and the city centre. The first is located at Gort Na Coiribe on the Headford Road. Built in 2002, it is part of a college campus of nearly 160 two, three, and four bed units. It was built as a student campus, and the owner enjoyed the benefit of a Section 50 tax break, which no longer applies. The apartment is well built, offering structural quality as does the entire development. The development is also extremely well managed with an on-site office that looks after every need of the students and landlords. Gort Na Coiribe has 24/7 security, 365 days of the year, so unruly behaviour is not tolerated. Also on site are a launderette, shop, and restaurant.
Built by O’Malley Construction, Gort na Coiribe is part of a larger development that incorporates private houses and apartments, namely Dun na Coiribe and Cuirt na Coiribe.
“I have viewed numerous student villages throughout the country but few compare to Gort Na Coiribe,” said selling agent Fergal Leonard MIPAV. “These apartments will rent, due to their proximity to NUIG. Also, with the current tenants in situ until May 2013, the buyer will get an instant return. The sale includes all furnishings and the astute buyer really has nothing to do, just wait for the return on his/her investment.”
The apartment is a very generous circa 780sq ft in size and comprises an entrance hall, sitting/dining room, kitchenette, bathroom, a twin bedroom and a single bedroom. It is complete with a fully tiled bathroom, tiled floor in the sitting room (for easy maintenance ), and carpets in the bedrooms, which are also fully equipped with built-in wardrobes, built-in desks, and built-in storage. The sitting room also includes an electric fireplace and the apartment is heated with electric storage heating.
The apartment enjoys the benefits of guaranteed rent through the pooled rent system on offer. However if the buyer wishes to opt out of the pooled system that is currently on offer, he/she can do so each May. But with a gross yield of 10.5 per cent on offer and the chance of growing this to 12 per cent (as no summer rent has been included, but is on offer ), this may not be a wise move.
The last open viewing takes place this Saturday between 4.30pm and 5.30pm, and the auction will be held on November 16 at 3pm in the Imperial Hotel, Eyre Square. The AMV for this property is €110,000 and the solicitor with carriage of sale is Brian Doherty, Brian Doherty & Co, Saville House, New Dock Street, Galway.
Also on offer the same day is a two bed apartment aptly called College Gate, as it is located at the entrance to NUIG. One of only eight apartments, this development was built in 1982 by Kenny Developments and was architecturally designed. Locations rarely get much better for the astute investor as there will always be a demand from tenants to rent this property. Also, the bus stop is just outside the front door, and all amenities are within walking distances with shops, restaurants, and pubs in the vicinity. This apartment is being sold fully furnished and comes with the added bonus of a designated car park space. This ground floor apartment comprises two double bedrooms, a bathroom, large entrance hall, and kitchen/sitting room. “Rarely do opportunities like this present themselves for the investor,” said Fergal Leonard MIPAV. “This is a exceptional apartment with NUIG and UHG on the doorstep.” It offers the potential of an eight per cent gross yield. With a very attractive AMV of €110,000, interest is expected to be strong in this prime apartment. The last two open viewings take place on Saturday and next Wednesday between 1.30pm and 2.30pm, and the solicitor with carriage of sale is Brian Geraghty, Geraghty & Co, Rosemary Avenue, Eyre Square, Galway.
Full details on all lots in next week’s auction are available by contacting the auction team on 091 565261 or by visiting www.propertypartnersgalway.ie
