LONDON STYLE MEWS COMES TO ATHENRY!

An interesting redevelopment “ready to go” site is for sale at €3.5m by private treaty through Premier Properties. The investment opportunity exists in the centre of Athenry in Cross Street, at “Iggy’s Bar and Next Door Off-Licence”.

The (0.0833h) site currently houses a thriving Pub, busy off-Licence and a seven bedroom B&B property (366 Sq.M) with a large yard to the rear. Planning permission has been granted for a rather attractive mixed use development, which includes a bar, off licence, restaurant/café with first floor terrace overlooking a plaza, three new ground floor commercial units (212.5 Sq.M), and four (exceptionally large) three bed apartments. Total (new and retained) floor space 980 Sq.M.

“Using local rental and developers’ rates, the (approved) completed development is more than capable of giving yields of 4.5% to an investor holding the commercial units, and divesting the residential units to reduce borrowings,” says Michelle Burke of Premier Properties. The agents believe that, “as the property is zoned ‘Town Centre’ credible opportunities exist to amend, extend or change the approved development, further increasing the return on investment (subject to PP)”

Athenry is a town of immense character strategically positioned less than fifteen miles east of Galway city. With almost eighty percent of the original medieval walls, a restored Norman castle and a Dominican Priory, Athenry is Ireland’s best preserved medieval town. Seven hundred years of history sits happily with all the facilities of a modern town located within commuting distance of Irelands best loved city!

With a population in the region of 4,500, Athenry has grown rapidly with a 38% growth in the last four years alone. Despite the recent slowdown, due to its attractive location, great facilities, and unparalleled investment, growth is set to continue apace. Adjacent developments underway (on Cross Street) include a €100 million mixed residential/commercial project with extensive public car parking, and a commercial/office block with underground car park by Oyster Homes. In addition there are several residential developments currently under construction on the outskirts of the town.

There are rail eight services a day that take commuters directly into Galway city (with as many direct connections to Dublin). The new N6 route, which is under construction, will make the town even more accessible for commuters and visitors.

Further details are available from Michelle Burke, Premier Properties, Galway 087 2500 716