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FOR SALE BY PRIVATE TREATY
74, 76, 78 & 80 Seamus Quirke Road, Galway CityMIXED USE INVESTMENT OPPORTUNITYTenants Not Affected
PROPERTY SOLUTIONS
reasons to buy
Galway is a University City which has a student population in excess of 22,500 from NUIG and GMIT
Shortage of student accommodation across Galway City
Excellent central location close to NUIG and local amenities
Immediate opportunity to increase return through letting vacant office space and letting 2 bed apartment currently in use as storage
Galway is a leading location for medical technology and ICT with multinational companies such as Boston Scientific, SAP and Medtronic
Galway has a large tourism sector, it is the third most popular tourist destination in Ireland, generating approximately €350 million for the local economy (Failte Ireland, 2014)
Historically low deposit rates, this investment offers competitive returns
investment Profile
Modern mixed use development in Galway city arranged in four three storey blocks
20 student apartments comprising 52 bed spaces, 2 retail units and 2 office suites
Strong income profile of €283,801 per annum, as at September 2016
12 X 3 bed apartments and 8 X 2 bed apartments
Commercial element is occupied by Subway, Domino’s Pizza and the Irish Nurse’s Council
Within walking distance of National University of Ireland Galway (NUIG), University College Hospital, Galway city centre, Westside Shopping Centre anchored by Dunnes Stores and West City Centre Retail Park anchored by Aldi
Ample parking on site
Tenants not affected proposal Offers are invited in excess of €3.2 million which reflects a net initial yield 8.49% (based on income as at September 2016 and assuming standard purchaser costs of 4.46%).
location
Galway City is the largest urban centre on the Western seaboard of Ireland with a population of 75,529 (Census, 2011). Galway is an easily accessible city, Shannon Airport is approximately 80kms away, while Dublin city and Limerick city are approximately 185kms and 95kms respectively. Galway has strong rail and road infrastructure in place, connecting it with all major cities.
This investment property is centrally located on the Seamus Quirke Road, which is less than 2kms from Galway city centre and is within walking distance from both the University College Hospital Galway and the National University of Ireland Galway campus. The city has experienced very rapid growth in recent years, stimulating a strong local economy with complementary business sectors, including manufacturing, tourism and retail. Galway is the location of choice for many multinational companies including HP, Cisco, Avaya, and EA Games. This can be attributed to the high levels of educated young work force, the presence of well-established infrastructure and a vibrant culture with many events drawing people to the city throughout the year.
description
This purpose built mixed use investment opportunity, is arranged across four detached blocks which provide approx. 1,664.76 sq m (17,704 sq ft) of accommodation.
The properties were developed circa 2003 and include three, three-storey blocks each consisting of six apartments; accessed via a central core area and one three storey dormer style commercial block with two retail units at ground floor, two office suites at first floor and 2 X 3 bed apartments at attic level. Access to the office suites and the apartments is via a shared secure entrance at ground floor level. The commercial element of the scheme is situated to the most northerly aspect of the site.
The 20 no. apartments are laid out to provide 12 X 3 bed apartments and 8 X 2 bed apartments, providing a total of 52 bed spaces. The residential apartments vary in configuration but comprise self-contained units, accommodating a living room/kitchen/dining area, one main bathroom and bedrooms some of which are en-suite. Each block has a core internal common area with a stairwell providing access to each floor. There is ample car parking provided to the front of the residential units.
NUI GALWAY80 SEAMUS QUIRKE ROAD
FLOOR FLOOR AREA FLOOR AREA
GIA (sq m) GIA (sq ft)
Block 1 383.59 4,129
Block 2 377.46 4,063
Block 3 376.72 4,055
Block 4 124.49 1,340
Total Residential 1,262.26 13,587
Unit A - Subway 95.5 1,028
Unit B - Dominos 95.5 1,028
Office A - Vacant 95.5 1,028
Office B - INMO 96.0 1,033
TOTAL 1,664.76 17,704
schedule of accommodation
Please note: All intending purchasers should satisfy themselves in relation to the floor areas.
contact Viewing strictly by appointment with the sole agent.
solicitors
William Fry 2 Grand Canal Square Dublin 2
dataroom
Further information is available on the dataroom www.seamusquirkeroad.com
Sarah Winters+353 (0) 1 611 0324+353 (0) 86 380 [email protected]
Conor Treacy +353 (0) 1 639 [email protected]
Rosemary Casey+353 (0) 91 458 987+353 (0) 86 381 [email protected]
PSRA No: 001835.TWM for themselves and for the vendor/lessor of the property whose agents they are, give notice that: 1.These particulars do not constitute an offer or contract or any part thereof and none of the statements contained in the particulars as to the property are to be relied on as a statement or representation of fact. 2.The vendor does not make or give, nor is the Agent(s) or its staff authorised to make or give any representation or warranty in respect to this property. 3.All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy himself/herself by inspection or otherwise as to the correctness of each of them. 4.In the event of any inconsistency between these particulars and the contract of sale, the latter shall prevail. 5. VAT may be payable on the purchase price.
tenancy
The residential element of the property is let to college students on a first come first serve basis during the academic year, which runs from September to May. The 52 bed spaces are leased on a 39 week term, with rent payable in two moiety payments together with a part refundable damages / utilities deposit. Rental income for the academic year September 2016 to May 2017 (as at September 2016) is approx. €209,715 and represents approx. 90% occupancy.
Over the summer months, the residential units are let on an ad-hoc basis to Galway Cultural Institute. Rent collected during the Summer 2016 period amounted to €15,000, with significant potential for rental growth.
The commercial element of the property has 75% occupancy with a total income of €59,086 per annum, as set out below.
tenure
Part freehold and part leasehold.
BER
Individual BER information available on request.
PROPERTY SOLUTIONS
UNIT TENANT LEASE TERMS RENT P.A.
Unit A Subway of Ireland Ltd 10 years from 01 April 2015
€20,000
Unit B D/P Realty Ltd t/a Domino’s Pizza
20 years from 19 Oct 2010 with a tenant break option on 20 Oct 2021
€21,586
Office A Vacant
Office B Irish Nurses Council Ltd Over-holding lease exp. 31 May 2015
€17,500
FC2
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