A trip to this year’s Galway Races saw a Dublin punter walk away with a mixed-use property investment for €3.25m.
As part of his diversions during the racing festival, the Dubliner attended an O’Donnellan & Joyce auction, hosted by Colm O’Donnellan, who conducts several property auctions each year and whose performances at the auction rostrum have featured on TV.
The lot that caught the Dubliner’s eye was 1-3 Oranmore Business Park, Co Galway, which O’Donnellan describes as being “prominently located within one of Co Galway’s most sought-after business parks”.
His guide price was €2,950,000 and bidding started at €2,960,000 as the Dubliner and another bidder competed to push it up to more than 10pc over its guide price.
Unlike some of the horses, the investment was a sure thing as it generates a combined annual rental income of €290,230 from two ground floor retail units together with a fully operational café/restaurant.
In addition, he can increase his rental income by letting its vacant first-floor office accommodation which is laid out to provide serviced office suites, accessed via a communal entrance with off-street access, offering flexible workspace accommodation.
The three units extend to a combined floor area of 3,080 sqm (33,142 sqft).
Oranmore Business Park is a well-established commercial and light industrial estate on the eastern side of Galway city. It accommodates a mix of office, industrial, distribution, retail and service-oriented occupiers, making it a diverse, multi-tenant park. It is located about 1 km from Oranmore village centre and 9km from Galway city.