33 Shop Street, Galway

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33 Shop Street, Galway

• Situated in a prime high footfall location on Galway City’s premier thoroughfare
• Landmark building directly opposite River Island and Tommy Hilfiger
• Uniquely large retail floor plates with the entire extending to 1,042.9 sq.m
• 25 year lease to Eason Ltd. with 10 years term certain and parent guarantee
• Attractive Net Initial Yield of 6.0% off a market rent of €525,000 p.a.
• For more information please log onto www.easonsgalway.com. Here you can register your interest to the data room.

Property

The subject property is located at the junction of Shop Street and Church Lane directly opposite River Island and Tommy Hilfiger. Shop Street offers a unique shopping experience with a wide array of retail outlets. The street is home to local, national and international retailers Schuh, Lifestyle Sports, Holland & Barrett and Boots, with Brown Thomas, Edwards Square and Eyre Square Shopping Centre nearby on William Street. These occupiers combined with a host of tourist attractions, bars and restaurants generate consistently high levels of footfall throughout the year.

Galway

The city has a strong local economy hosting a variety of multinational companies including four of the top five ICT companies (IBM, SAP, Oracle and Cisco) and two of the largest medical device companies, Medtronic and Boston Scientific. Galway is also home to the National University of Ireland Galway (NUIG) and Galway Mayo Institute of Technology (GMIT) which collectively cater for excess 27,000 students.

After Dublin, Galway is the most popular tourist destination in Ireland attracting more than 1.7 million overseas visitors, spending approximately €589 million. This is in addition to the 1 million Irish residents visiting annually for high-profile events such as The Galway Arts Festival, The Galway Races and The Galway International Oyster Festival.

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Description

33 Shop Street is a part two/three story landmark building extending to 1,042.9 sq.m (11,226 sq.ft) NIA incorporating 834.1 sq.m (8,978 sq.ft) of retail area over ground and first floor levels. The scale of the retail floor plates in the subject property is rare as the major shortfall of Shop Street (and Galway generally) is an absence of retail units of scale suitable for modern retailer requirements.

The property occupies a corner regular shaped site of approximately 0.14 acres with significant frontage of 17 meters to Shop Street. Church Lane abuts the building and provides servicing access which is utilised by Eason’s. The building is a Protected Structure dating back to approximately 1910 and is located within the City’s core Architectural Conservation Area.

Internally the retail areas are open plan and underwent refurbishment in 2013 to provide books, news and magazines at ground floor and stationery and gifts on the first floor.

An up-only escalator, links the ground and first floor retail areas, which are also serviced by a stairs and customer lift. Access to the second floor stockroom/offices is also via stairs and lift.

Floor	Primary Use	Sq.m NIA	Sq.ft NIA
Ground	Retail	424.9	4,574
First	Retail	409.2	4,404
Second	Storage / Office	208.8	2,248
Total		1,042.9	11,226

An assignable measurement survey is available on request.

Sales Particulars

The property is being offered on the basis of Sale and Leaseback via a Private Treaty process. The guide price of excess €8,000,000 reflects a 6.0% NIY after standard acquisition costs are deducted.

Dataroom

Further details pertaining to the sale are contained within a secure data room. Please log onto www.easonsgalway.com to register your interest.

Commercial Rates

Commercial rates, payable by the tenant, were €77,451 for 2018.

VAT

Transfer of Business

Title

Held fee simple subject to a Right of Way over part of the ground floor to the rear of the subject property in favour of the owner/ occupier of No. 34 Shop Street.

Solicitor

Orpen Franks Solicitors
28 Burlington Rd, Dublin 4, Ireland
+353 1 637 6200