Mullery Auctioneers has been favoured with instructions to sell a prime city centre development opportunity and adjacent restaurant investment at Quay Street and Quay Lane, in what can only be described as a rare jewel in property terms, so infrequently do opportunities of acquiring properties in this location arise.
The location is widely known as the epicentre of nightlife in Galway city, with an abundance of restaurants and bars situated adjacent to the famous Spanish Arch, Galway Docks, and Shop Street, the main retail thoroughfare of the city. It is without question Galway city’s primary pitch for those seeking to enjoy the city's bars and restaurants, and nearby famous premises include The Quays, The Spanish Arch Hotel, McDonagh’s Restaurant, Costa Coffee, Martine’s Restaurant, Barnacles Hostel, and Jurys Inn. The location is adjacent to the Spanish Arch, Wolfe Tone Bridge, Cross Street, High Street, and Shop Street.
The development opportunity extends to approximately 0.05 acre, situated at No 25 Quay Street and Nos 2-5 Quay Lane accommodating a number of adjoining buildings, which are protected structures and will require a sensitive redevelopment approach. The zoning is CC (city centre uses ), and the buildings which form this lot, as described above, are on the market for sale by tender with a guide price of €600,000.
There is a second adjoining lot, situated at No 23 Quay Street, comprising a restaurant investment, let for a term of 20 years from 2014 at a current passing rent of €57,000 per annum (tenant not affected ). The guide price of this lot is €850,000.
Both lots are for sale by tender (in one or more lots ).
Tender documents are available from Conor McEvoy, Beauchamp’s solicitors, phone 01 4180600. Completed tender documents to be returned not later than 12 noon on Friday December 11 2015 to Beauchamp’s solicitors, Riverside Two, Sir John Rogerson’s Quay, Dublin 2, for the attention of Conor McEvoy.
For full details, copy site maps, copy lease, and inspection contact sole selling agent Philip Mullery, Mullery auctioneers, 091 567275.
