€4m worth of property to go under hammer

Baunoge, Loughrea, AMV €80,000
Baunoge, Loughrea, AMV €80,000

Sherry Fitzgerald and DTZ Sherry Fitzgerald will hold an auction in the city next week, where a total of 16 commercial and residential properties will go under the hammer – with a combined value of almost €4 million.

The auction is already being looked at as a strong indicator of developer interest in buying land with planning permission for houses.

A site of just under seven acres on the Coast Road close to Roscam – which has permission for 13 detached houses – will go under the hammer with an Advised Minimum Value of €600,000.

There are also a series of investment opportunities in Galway City, Loughrea and Oranmore.

There are just two residential properties set to go under the hammer – both three-bed detached properties (different house types) in the Baunoge development in Loughrea, both of which have AMVs of €80,000.

Also set for auction are the unit housing Jack Jordan’s take-away in Doughiska and an overhead barber – the tenants are not affected. Jack Jordan’s has an AMV of €160,000 and generates a rent of €16,500 per annum, while the barbers has an AMV of €100,000 and generates €14,000 per annum in rent.

Also for auction in Galway City is the former ‘Bella Roma’ and an adjoining ground floor unit (totalling 6,000 sq ft) at Aras Guaire on Bothar Uí Eithir which has an AMV of €500,000.

On Prospect Hill, a three-storey mixed use building which is currently vacant and overlooks Eyre Square, has an AMV of €275,000.

At 5 Middle Street, a ground floor show unit producing a rent of €8,400 per annum, has an AMV of €90,000.

On the Headford Road, a site of just over five acres close to Terryland (zoned ‘Recreation and Amenity’) – behind Dun na Coiribe and opposite Terryland Retail Park – has an AMV of €70,000.

In Loughrea, the old ESB building on Piggott Street has an AMV of €200,000 and is currently producing rent of €17,754 per annum.