Fully let office block at Galway’s Bonham Quay hits the market at €33.5m

Having secured a strong line-up of tenants that includes Genesys, Liberty IT and CVS, developer Gerry Barrett’s Edward Capital is seeking a buyer for Alcantara, a newly developed and fully let office block at Bonham Quay in Galway city’s docklands. Offers in excess of €33.5 million are being sought for the property by agent Cushman & Wakefield.

The subject property, which comprises a total area of 6,594sq m (70,977sq ft) across eight storeys has been developed to highly sustainable standards and comes for sale with an A3 Ber rating along with LEED Gold, WELL Gold, Wired Score Platinum and One Planet Living Leadership Status certification. The building is fully let and generating €2.4 million in annual rental income.

The building’s potential appeal to investors is supported by a recent quarterly office market review by Cushman & Wakefield, which found that no new office developments are under construction in Galway. The report also found that approximately 60 per cent of the city’s existing stock falls below A-rated standards. Galway’s vacancy rate stands at 6.8 per cent.

Commenting on the sale, Kevin Donohue of Cushman & Wakefield, said: “Alcantara at Bonham Quay is a flagship asset offering a compelling investment opportunity. With headline rents of €40 per sq ft already achieved in phase two of Bonham Quay, the building has demonstrably strong reversionary potential.”