DNG Maxwell Heaslip & Leonard and joint agent CBRE have been instructed to bring a portfolio of 20 houses to the open market for sale by way of private treaty. In what is surely to be one of the most important sales to come to the Galway property market in recent years, ‘The Palmyra Portfolio’ in Palmyra Park/Avenue offers a unique investment opportunity in one of the city’s most desirable locations.
The sale includes house numbers 19 to 25 Palmyra Park, which form a terrace of modern three storey townhouses, built in 2002, along the southwest side of Palmyra Park. Of these seven units, Number 19 is an end of terrace three bedroom townhouse that adjoins the remaining six units, which are all c1,400sq ft four bedroom properties with rear gardens and private parking. There is an adjacent green area of c0.1 acre, which may offer potential for further development, as there is a lapsed planning permission for one house on the plot.
The other remaining 13 properties are all two-storey period terraced houses, three of which are end of terrace, with all of the Palmyra Park properties having long rear gardens. The houses are a mix of two and three bedroom townhouses and some of the properties could be extended to the rear, subject to planning permission, as some of the adjoining houses have already added two storey extensions.
Nineteen of the properties are currently rented out and there is a current rent of approximately €200,000 per annum, with the rents varying from €7,200pa to €15,600pa. One of the properties has recently become vacant and the vendor has held off on renting this house, as there is potential to refurbish and extend this terraced house subject to planning permission. DNG Maxwell Heaslip & Leonard is asset and property manager of the portfolio and can provide details on all rents and tenancies.
The Palmyra portfolio properties are located within a short walk of Galway city centre and are close to National University of Ireland Galway, University Hospital Galway, and Salthill and its many restaurants and bars. This is without doubt a prime rental location given the close proximity to the city centre and all its amenities.
Selling agent James Heaslip comments: “This is undoubtedly one of the most impressive residential property portfolios to come to the Irish property market in many years. Galway has long been considered to be the country’s most desirable location, after Dublin, particularly with investors. This holding has a huge upside and offers the investor a steady rental yield with a potential for a further increase in income. There is also potential to develop at the site adjacent to the more modern townhouses, and many of the older houses have huge potential with room for further expansion. We are expecting interest from the local home-based market, pension funds, and the international market. We have already had a number of enquiries from our own private investors and expect that our guide price of €3.6 million will be surpassed.”
CBRE and DNG Maxwell Heaslip & Leonard are quoting a sales price in the region of €3.6 million for the Palmyra portfolio properties. Full particulars can be obtained by contacting joint agents Robert Colleran of CBRE at 01 6185701 or James Heaslip at 091 565261.
