An unusual opportunity to acquire the first phase of a town centre in Oranmore, Co Galway, with scope to proceed with a broader development is expected to generate considerable interest among Irish developers when it goes for sale from today.
DTZ Sherry FitzGerald in Galway is quoting in excess of €17 million for Pairc an Clochair, a town-centre-zoned site with two food stores rented by Tesco and Aldi, a range of other buildings and 1,000 car parking spaces, most of them at basement level. The remaining 3.6 hectares are zoned for a mixture of shops, offices, a hotel, bar and restaurant, a museum, art gallery and craft studios.
Original plan
The original plan also envisaged a substantial residential element with 310 townhouses and apartments.
Much or all of this would have been in place by now but for the 2008 banking and property collapse.
Though the planning permission ran out about two years ago, the planners still see the merits of finishing the development and providing suitable buildings facing on to Main Street.
The portfolio going for sale also includes the Thatch Bar, Oranmore House with office use, and a two-storey commercial building, all facing on to the main street.
The current rent roll from the complex stands at €1,215,250.
Tesco is paying €906,000 for its store, which extends to 4,645sq m (50,000sq ft) while Aldi is contributing €272,250 for a detached, purpose-built store with a floor area of 1,672sq m (18,000sq ft).
Part of the Tesco building extending to 4,429sq m (47,672sq ft) was set aside for a mixture of retail and office use but is largely vacant.
The two leases to Tesco and Aldi have another 10 years to run.
Patricia Staunton, head of DTZ in Galway, said she believed the development opportunity would appeal to parties interested in turning the site into a truly impressive mixed-use town centre with good rental income.
Oranmore is an extremely popular commuter hub for Galway city and not surprisingly is again experiencing renewed interest in its residential market. The site for sale overlooks Galway Bay and is a convenient 12kms from the city centre.
