Having last sold in 2013 to its current owners, Dublin-based Signature Capital, Galway’s Edward Square retail complex has returned to the market for the much-reduced price of €8 million through joints agents TWM and JLL.
While the figure represents a 70 per cent reduction on the €27 million Signature Capital paid to secure ownership of the scheme 12 years ago, it should be noted that the sale on this occasion does not include its Dunnes Stores anchor outlet.
Located just off Galway’s foremost retail thoroughfare, Shop Street, Edward Square briefly comprises five modern retail units with a combined floor area of 2,321sq m (24,984sq ft). Purpose-built in 2000, the building has large glass facades, open floorplates and high ceilings, making it a suitable proposition for big-box retailers.
The development is producing an annual contracted rent of €601,200 and is occupied by three tenants, namely Starbucks, Intersport Elvery’s and the fashion retailer New Look. Although New Look has recently announced liquidation proceedings, there has, according to the selling agents, been significant interest in their unit which extends to 691.3sq m. Upon reletting, New Look’s premises together with the scheme’s two other vacant units, are expected to increase Edward Square’s overall annual rental income to about €800,000.
Sarah Winters of TWM says: “We expect this asset to attract attention from both owner-occupiers and investors as it is seldom that such a significant development becomes available in any city. The opportunities that these large floor plates offer to the occupational market gives prospective buyers the chance to put their own stamp on a prime piece of real estate”
Sandra Walsh of JLL adds: “Edward Square represents a chance to acquire a prime retail asset in one of Ireland’s main cities. The reversion potential, coupled with Galway’s thriving tourism sector and the property’s central location, positions.”
