Selling agent TWM has completed the sale of a student accommodation investment at Seamus Quirke Road in Galway city.
Sarah Winters of TWM, who negotiated the €3.35m deal, which was in excess of the guide price, commented that there were strong levels of interest both domestically and internationally in this investment property which comprised four commercial units and 20 student apartments with 91 per cent overall occupancy.
This linear development on the Seamus Quirke Road is laid out in four detached blocks and was developed circa 2003, comprising 12 three-bed apartments and eight-two bed apartments, together with commercial units. Three of the blocks house 18 of the 20 apartments across three floors, with the remaining block in a dormer style comprising the four commercial units at ground and first floor, with two of the three-bed apartments on the second floor.
With Galway boasting a student population of approximately 22,500 and a widely reported shortage of student housing, the central location of this property and the established surrounding amenities attracted a wide variety of parties.
The commercial tenants included Domino’s Pizza, Subway and the Irish Nurses Organisation.
"Despite the recent rent cap legislation which was first introduced in Dublin and subsequently extended to include Galway (among others ) in January, the shortage of student accommodation and close proximity of the subject property to the university are positive factors for future rental growth," says Ms Winters. "The property was purchased by a private investor for a price of €3.35m (NIY 7.75 per cent ) who plans to complete some upgrading and redecoration works to the residential portion of the building before re-letting for the 2017/2018 student calendar year."
