The high profile Faustina Building on the Tuam Road in Galway has sold for in excess of €1.7 million through sales agents TWM. The vacant commercial building, which was in shell and core condition, was sold by TWM on behalf of receiver Tom Kavanagh of Deloitte.
The asset, which is located on a high profile site on one of the main thoroughfares into Galway city, was sold by tender following an open market campaign and attracted good interest due to the attractive good pricing of €50 per square foot and the current lack of built commercial space in Galway. The building, which was completed in c2008, had originally been granted permission for bulky good retail, office, and restaurant use; more recently planning was granted for a change of use to medical. The two storey building extends to 27,170sq ft with potential to add a mezzanine level on the ground floor and benefited from basement parking.
Mel Sutcliffe of Quanta Capital acquired the Faustina Building, Galway, as part of the group’s recent €100m purchasing round of acquisitions. Sutcliffe noted that the Faustina Centre will be an ideal HQ for an international medical/pharmaceutical client in the growing Galway market.
“There was strong levels of interest from the very beginning of the campaign. We received five tenders all above the guide price, both from national and international buyers. It’s extremely encouraging to see such determined interest from a variety of buyers,” according to a spokesperson for TWM.
Contact TWM, Unit 11 Dockgate, at 091 458987, or see twmproperty.ie