TWM is selling a superbly located hostel investment in the centre of Galway city which offers 192 bed spaces.
With the lure of Connemara’s rugged landscape or the buzz of Quay Street on a summer’s afternoon, Galway is one of Ireland’s most popular tourist destinations, with strong demand for accommodation ranging from hostels to five-star hotels. TWM is expecting strong interest for this hostel investment opportunity as it is considered to be in an optimum location for its use.
This modern development is let to Sleepzone, a long-established Galway hostel operator, under a 21-year lease from April 2001 with a current passing rent of €130,000 per annum. The purpose built hostel extends to approximately 11,151sq ft and is laid out internally to provide reception, breakfast room, communal living room, computer room, and dorm accommodation with a total of 192 bedspaces.
TWM is seeking offers in excess of €1.5m which reflects an NIY of 8.3 per cent (assuming standard purchase costs of 4.46 per cent ).
The property is situated on Bóthar na mBan in Galway city centre and offers easy access to all parts of the city. Ceannt train and bus station, together with the tourist office, private tour operators, and the well-known location of Quay Street, are within a one kilometre radius.
Sarah Winters of TWM is handling the sale and comments that the investment offers a great opportunity for investors in the market given the asset management potential at lease end with this asset and aided by the continued growth in tourism in the Galway market.
Contact TWM, Unit 11 Dockgate, at 091 458987, or see twmproperty.ie
