Joint agents CBRE and Galway-based DNG Maxwell Heaslip are quoting €3.6 million for ‘Palmyra portfolio’, which is located at Palmyra Park and Palmyra Avenue close to Galway University and the University Hospital.
The 20 townhouses range in size from a 2 bed of 52.7 sq.m. (567 sq.ft.) up to a four bed of 107.6 hectares (1,158 sq.ft.).
Rents range from €7,200 p.a. up to €15,600 p.a. and there is potential for rental growth. All but one of the houses are currently rented and producing an income of about €200,000. According to one of the selling agents, James Heaslip, there “could be potential to increase the rents to open market value over a period of time and achieve total rents of approximately €300,000 per annum”.
This is seen as an excellent and very popular rental location given the close proximity to the city centre and a host of shops, cafes, restaurants, pubs, offices and amenities.
Robert Colleran, Director of Development Land at CBRE commented: “This is an excellent opportunity to acquire a mixture of 20 city centre town houses and a small 0.1 acre infill site that is conveniently located less than 0.75 kilometres from Quay Street and a host of amenities. A purchaser may look to increase the current rent or refurbish/extend and sell off the individual properties over a period of time”.
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