Commercial vacancy rates in Galway have decreased slightly, from 15.2% in Q4 2014 to 15.1% Q4 2015, according to new research published by GeoDirectory.
The total number of occupied commercial premises in Ireland increased throughout 2015 from 194,642 in Q4 2014 to 195,803 in Q4 2015.
The new research is from the Q4 2015 edition of GeoView which is published twice a year. It is the third annual review of commercial vacancy rates in Ireland that not only provides national data but also analyses the data by quarter, by county, by province and across a broad range of sectors in the Irish economy.
At 49,809 Dublin had the largest number of unique commercial address points followed by Cork (25,627) and Galway (12,877). In 2015, Leitrim, Longford and Carlow had the lowest number of commercial address points with less than 3,000 units in each county, as was the case throughout 2013 and 2014.
The review found that the national average commercial vacancy rate in Q4 2015 was 12.6%. This figure represents a decrease in commercial vacancy of 0.2 percentage points since Q4 2014. Kerry recorded the lowest vacancy rate of any county in Q4 2015 at 9.2%; while Sligo recorded the highest at 16.4%. Both counties held the same rankings in Q4 2014. The average commercial vacancy in Connacht went from 14.7% in Q4 2014 to 14.8% in Q4 2015.
The data was published by GeoDirectory which was jointly established by An Post and Ordnance Survey Ireland (OSi) to create and manage Ireland’s only complete database of commercial and residential buildings. These figures are recorded through a combination of the An Post network of 5,600 delivery staff working with OSi.
According to Q4 2015 figures, there were 224,003 commercial properties in Ireland, 28,200 of which were vacant. The largest percentage point increase was seen in Leitrim where the vacancy rate increased by 0.6pp to 16.1% between Q4 2014 and Q4 2015.
Conversely, the largest decrease was seen in Carlow where the vacancy rate fell by 1.2pp to 11.9%. Both Cavan (11%) and Tipperary (11.9%) showed the same vacancy rate in both Q4 2014 and Q4 2015.
For more, read this week’s Connacht Tribune.
Privacy in the heart of the city
A secluded family home in the heart of the city – with every facility on the doorstep; that’s what is on offer at 3A Coolough Road, which Sherry FitzGerald has just brought to the market for sale by private treaty.
This is a perfect three bed semi-detached home, located in a mature quiet area in a much sought-after location – within walking distance of Menlo Park Hotel, Terryland Retail Park, local shops, schools, NUI Galway, UHG and Galway city centre.
On entering this home, you will see that if offers spacious accommodation throughout and has an extensive side garden.
Accommodation on the ground floor comprises entrance hall, guest wc, living room with large bay window and gas stove, separate dining room and spacious kitchen/dining room with door to rear garden and boiler house.
Upstairs there are three large bedrooms with fitted wardrobes and main bathroom.
Externally the gardens are mainly laid to lawn with block wall boundary. There is also an extensive side garden with tarmac drive.
Overall, this property would make a wonderful starter home or an excellent investment opportunity and we recommend viewing today.
Asking price is €305,000. BER D1, BER No. 114542244. Size 96 sq. m/1037 sq. ft.
Viewings by appointment with Rachel O’Dowd, Sherry FitzGerald, One Galway Central, Forster Street, Galway 091 569 123 / 087 3493363 or email email@example.com
Bearna site offers enormous potential
A prime site has come on the market just 350 metres north of Bearna village – complete with planning permission for 40 residential units.
CBRE have been instructed by Receiver Myles Kirby of Kirby Healy Chartered Accountants to offer this superb residential development opportunity to the open market.
The site – for sale by Private Treaty with a guide price of €4m – is situated to the north of the current Thornbury residential development, along a quiet laneway which connects to the R336, one of the main arterial routes to Galway city.
It extends to approximately 4.58 acres and has the benefit of planning permission for the delivery of 40 residential units, comprising a mix of housing and apartments.
The 22 housing units are all semi-detached and terraced units and range in sizes from 112 – 130 sq. m.
There are also additional lands included within the land holding that do not form part of the permitted scheme and have significant development potential, subject to planning permission.
This portion of the site is zoned R2 under the County Development Plan, which requires that 50% of the permitted scheme are committed to development.
This is a superb opportunity to acquire a residential development site with planning permission in place, in a highly sought-after location on the outskirts of Galway City.
CBRE’s Darragh Deasy described it as ‘a fantastic opportunity to acquire a residential development site in Bearna, a highly sought-after residential location’.
“The permitted scheme will appeal to a wide range of parties, and there is further opportunity to develop further units on the additional lands, subject to obtaining planning permission,” he said.
Small fall in house prices
Property prices in Galway have bucked the national trend by falling during the quarter, according to the latest MyHome.ie Property Report.
The report for Q4 2021, in association with Davy, shows that the median asking price for a property in the county fell slightly by €25,000 over the quarter to €259,975. However, this still means prices have increased by €9,975 compared with this time last year.
Asking prices for a three-bed semi-detached house in the county rose by €6,000 over the quarter to €245,000. This means that prices in the segment have risen by €10,000 compared to this time last year.
Meanwhile, the asking price for a four-bed semi-detached house in Galway stayed steady over the quarter at €285,000. This represents a year-on-year decrease of €3,000 in the segment.
There were 797 properties for sale in Galway at the end of Q4 2021 – a decrease of 15% over the quarter.
The average time for a property to go sale agreed in the county after being placed up for sale now stands at just over four months. In the city, it is just over two months.
The author of the report, Conall MacCoille, Chief Economist at Davy, said that, nationally, the findings of the report painted a grim picture for prospective homebuyers.
For more, read this week’s Connacht Tribune.
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