Unit 216, Eyre Square, Galway, Ireland

Details

• Prime retail unit within Galway’s main Shopping Centre
• Fully let to Now Newsagents Ltd t/a The Card Shop
• 35 year lease from 1 July 1991
• Contracted rent €131,900 per annum
• Current rent abated to €100,000 per annum
• Tenant not affected

Location Eyre Square Shopping Centre is located in the heart of Galway City Centre overlooking Eyre Square public park. Eyre Square Shopping Centre has been Galway’s premier retailing destination since it opened its doors in 1991 with over 70 shop units and a mix of local, national and multi-national retailers. Occupiers include Penneys, Dunnes Stores, JD Sports, Born clothing, DV8, Specsavers, Vero Moda, Jack and Jones, Regatta, Diesel, Evergreen, Starbucks and many more.

The city has excellent transport links with M6, M17 & M18 motorways providing access to the east, north & south of the country. Ceannt Train & Bus Station are located within walking distance on Eyre Square.

Situated on the west coast of Ireland, Galway City is the fourth largest city in the country with a population of 84,414 (Census 2022). Located approx. 210km west of Dublin City, 85km north of Shannon International Airport and 90km south of Knock Airport, Galway is known as Ireland’s Cultural Heart attracting tourists from around the world. The city also benefits from a strong student population with students of University of Galway and ATU Galway accounting for approximately 20% of the population during term time.

Galway is steeped in history, with its rugged coastline, stone-walled fields and accessibility to the unspoiled Connemara regions. It benefits from 984,000 domestic trips and 1.7 million overseas visitors annually contributing €754 million in tourism expenditure (2022 Failte Ireland). The city is well known for its many festivals including Galway International Arts Festival, Galway Races, Galway Comedy Festival, Galway and Clarenbridge Oyster Festivals and Cuirt international Festival of Literature. Galway is host to over 100 festivals annually. As a thriving, bohemian, cultural city on the west coast of Ireland, Galway has over 1,900 registered hotels and overnight accommodation.

Description Unit 216 Eyre Square is an internal retail mall unit located on Level 2 (First Floor) within the centre and extends to approximately 116 sq.m (1,249 sq.ft) NIA and has been fitted out to include a section of storage accommodation to the rear of the unit. All intending purchasers should satisfy themselves in relation to the floor areas.

Loading access is provided via a rear corridor, with vehicular loading access via Ballalley Lane which is accessed from the west side of Eyre Square.

Tenancy The property is let to Now Newsagents Ltd t/a The Card Shop subject to the terms of a 35 year lease agreement from 1 July 1991. The contracted rent under the lease agreement is €131,900 per annum, however the tenant is currently paying rent in the amount of €100,000 per annum.

TENURE Long Leasehold.

PROPOSAL Offers are sought in excess of €1,000,000 equating to a net initial yield of 9.09% (assuming standard purchaser costs of 9.96%).

BER C2 BER Number: 800886244