The Eason premises on Galway’s main shopping thoroughfare has come on the market with a price tag of €8m.
No 33 Shop Street is situated at the junction with Church Lane and opposite the likes of River Island, Tommy Hilfiger and Anthony Ryans.
Eason Ltd, who have occupied the building for 30 years, are taking a 25-year lease of the premises subject to a market rent of €525,000 per annum, which would deliver investors an immediate return of 6% net of costs.
Selling agents Bannon said: “Shop Street offers a unique shopping experience with a wide array of local, national and international retailers such as Schuh, Lifestyle Sports, Holland & Barrett and Boots, with Brown Thomas and Edward Square Shopping Centre nearby.
“These occupiers, combined with a host of tourist attractions, bars and restaurants, generate consistently high levels of footfall throughout the year.
“One major shortfall of the Street (and Galway generally) is an absence of retail units of scale suitable for modern retailers. This is one of a handful of such properties making this property a very desirable proposition.”
The part two-storey and part three-storey landmark building extends to a total area of 1,042.9 sq m (11,226 sq ft), incorporating 834.1 sq m (8,978 sq ft) of retail area over ground and first floor levels. Internally the ground and first floor retail areas are open plan and underwent a complete refurbishment in 2013. The modern Eason’s fit-out includes books, news and magazines at ground floor and stationary and gifts on the first floor.
“An investment opportunity of this scale and quality rarely comes to the market in the heart of Galway and is likely to appeal to a range of local, national and international investors. Its rarity from an occupational perspective makes it a very secure investment opportunity,” the selling agents said.
For more, read this week’s Connacht Tribune.
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