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Galway Commercial Retail Property Sells For Five Times The Asking Price

A large portion of a Galway commercial property sold for more than five times its guide price at a BidX1 auction last week, according to the Irish Times.

As the top price at the auction, the Northpoint Retail Park on Tuam Road was guided at €400,000, but sold for €2,225,000.

Northpoint Retail Park

The property sold comprises of seven retail warehouse units, three warehouses, and six office units extending to 11,032 square metres (118,750 square feet) over lower ground, ground, first and second floors.

The property also includes 330 car bark spaces, with the majority of which are underground.

The site was developed by Tom Considine and Paddy Sweeney, who were both involved in the purchase of Millennium Park in Naas for €312 million.

© 2018 Checkout – your source for the latest Irish retail news. Article by Maria Cabecos. Click subscribe to sign up for the Checkout print edition. 

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