Private developers are returning to the property market in Galway, but state agencies have also recognised that they need to generate supply in order to build commercial facilities and attract international employers beyond Dublin.
The two big projects are part of a response to heightened interest in the city
Developers have begun to respond to demand for commercial property in Galway, and Gerry Barrett is leading the charge with two major city centre projects. Similarly, investors are also demonstrating increased interest in the City of the Tribes as reflected in recent deals.
Sarah Winters of agent TWM is seeking offers in excess of €1.6m plus VAT for 13 partially-completed residential units distributed across the Cuirt na hAbhainn estate in Claregalway, Co. Galway, an established residential development within Claregalway village approximately 11.6kms from Galway city centre.
TWM are delighted to support Peter McVerry Trust “Sponsor a Brick” campaign again this year. We encourage all property related businesses to do the same and you can donate here: www.pmvtrust.ie/donate
In our second report of a series on “Economic and Commercial Property Highlights” this year, TWM examined a range of economic indicators and global events that have an impact on the property market here at home.
The report, which was produced in association with economic consultant Stephen Walsh, provides some details on recent commercial property investment transactions. The indicators, while somewhat mixed, support underlying demand in all sectors of the property market.
In 2010 there were just two investment deals completed in Ireland, one of which was the pre-funding of the new Tesco Supermarket in Roscrea, Co. Tipperary, by the Israeli investor Igal Ahouvi. Following the delivery of the new property in 2011, Tesco moved from its smaller 1,900 sq m (20,000 sq ft) store at Roscrea Shopping Centre to the state-of-the-art, stand-alone 4,300 sq m (46,000 sq ft) store it occupies today.
The seismic events of 2016 will see “uncertainty” become the buzzword for 2017. With the precise direction of Brexit still unknown, Trump’s late-night tweets, elections this year in France and Germany, this uncertainty will continue. Such uncertainty makes decision-making difficult. If 2016 taught us anything, it is the importance of preparing for all eventualities. The following trends are worth watching out for this year.
TWM expects strong demand for No. 32 Newcastle Road, Galway, which it is bringing to the market for sale. This semidetached two storey over basement mixed use investment building is situated within a busy location on the fringe of Galway city centre, immediately opposite University Hospital Galway.
TWM are delighted to be shortlisted in the Property Excellence Awards again this year in the Commercial Agency of the Year category. We are looking forward to attending the awards in November for what is sure to be an enjoyable night.
Concerns in relation to Finance Minister Michael Noonan’s intentions in the Budget for the tax treatment of the commercial property sector were to the fore in discussions between agents and investors with an interest in the Irish market at the Expo Real real estate fair in Munich last week.
Well done to our two TWM teams who took part in the Grant Thornton 5km race in Dublin Docklands on Tuesday 13 September 2016.
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Seamus Quirke Rd development includes 20 student apartments, retail units and offices.
There should be keen interest among investors for a mixed-use investment of 20 student apartments, some retail units and offices in Galway which goes on the market this week guiding more than €3.2 million though agent TWM Property Solutions.
TWM brings to the market a thriving shopping centre investment opportunity in the expanding suburb of Oranmore, Galway. OranTown Centre, which was developed in the late 1990s, extends to approximately 45,000sq ft and comprises 35 retail and office units, laid out over two floors, with the benefit of 230 car spaces.
Interest in the Irish property market from leading domestic and international investors remains at a high level. In a recent PropertyEU ranking, five of the top 10 investors in Europe were noted as having invested in Ireland. The knock-on effect is that nine of the top 20 funds are still represented here, including global brands such as Credit Suisse, Aviva Investors, Deka Immobilien, Standard Life, M&G Real Estate and Allianz Real Estate.