Offers in excess of €2m are being sought for a prime Galway city centre investment opportunity as 35 William Street is brought to the market by commercial agents Lambert Smith Hampton.
Located in the heart of the premier retail district, the property has c.72.47 sq m (780 sq ft) retail space on the ground floor and upper floors c. 158.5 sq m (1706 sq ft) consisting of four storeys plus basement accommodation.
The property is currently let under FRI lease for a term of 15 years from 1st May 2013. The current rental income is €125,750 per annum exclusive. There are rent reviews every five years to open market rent.
The current tenant, Fields Jewellers, is a well-known and established wholly Irish owned jewellery retailer with over 14 stores nationwide. The tenants are unaffected by the sale of the property.
The subject property occupies a prime pivotal corner position at the junction of Castle Street and William Street, where it also connects with the entrance route into Edward Square and Eyre Square Shopping Centre.
William Street and the adjoining streets are primarily given over to retailing at ground floor level while the upper floors are retail, ancillary offices or similar activities.
Prominent occupiers in the vicinity include Brown Thomas, Dunnes Stores, Boots, Foot Locker, Butlers Chocolates Cafe, The Body Shop, Easons, Elvery’s, Lifestyle Sports and McCambridges while Eyre Square Shopping Centre is also within close proximity.
Nigel Kingston, director of agency at Lambert Smith Hampton, said:
“Following our sale of 48 William Street, which went for well in excess of its €2m asking price earlier this year, we know that the appetite is there for prime investment properties of this nature. With the strong footfall in the location and the popular bars and restaurants situated nearby, we are confident that there will be a high level of interest from potential buyers.”
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