I N V E S T M E N T Unit 207 (Level 2) Eyre Square Centre Eyre

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For Sale By Private Treaty (Tenant not Affected by Sale)
Unit 207 (Level 2)
Eyre Square Centre
Eyre Square
Galway
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Prime Retail Investment Opportunity in Galway City’s Premier Shopping Centre
anchored by Penney’s Dunnes Stores & New Look.
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Ground Floor Retail Premises extending to approx. 80 sq. metres (860 sq. feet), with
ancillary office space of 57 sq. metres (612 sq. feet) on a mezzanine floor level.
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Attractive Investment, with a current passing rent of €86,000 per annum exclusive and
a lease term with 11 years unexpired (May 2026).
The property is let to Galway Vision Plus Ltd. t/a Specsavers, the lease is guaranteed
by Specsavers Optical Superstores Ltd, under the terms of a 35 year FRI commercial
lease from 16th May 1991 with 5 yearly open market upward only rent reviews.
Tel: (091) 567 331
Web: www.powerandassociates.com
Unit 207 (Level 2) Eyre Square Centre, Eyre Square, Galway
LOCATION
Galway is the Capital City in the West of Ireland, with a population of 50,653 (Census 2011). The City
is one of the most popular tourist destinations in Ireland, attracting in excess of 1.4 million visitors
annually with a number of high profile events taking place in the City each year such as Galway Race
Week, The Galway Arts Festival and the Galway International Oyster Festival. The city has a young
population with a large student population with NUI Galway & GMIT being the two key third level
facilities in the City.
Eyre Square Centre is Galway City’s premier shopping centre with anchors including Dunnes Stores,
Penneys and New Look. The centre is well established within Galway’s prime retail hub and is adjacent
to Williamsgate Street, Edward Square and Shop Street where several high profile and international
retailers have a presence. Unit 207 is located on Level 2 which is the busiest level in the Eyre Square
Centre and the unit occupies a prime position adjacent to Penney’s, Burger King and Tiger.
DESCRIPTION
Unit 207 comprises a single level ground floor retail premises which has been fitted out by the current
tenant as an Optician/Retail Store. The unit has excellent frontage onto a busy mall of c. 9.75 metres.
We understand the mezzanine level within the unit was installed by the tenant and is a tenant’s
improvement. Please note that the Specsavers Premises on Level 1 (Lower Level) does not form part
of the sale and is owed separately from Unit 207 (Level 2).
ACCOMMODATION
Unit 207 (Level 2)
Ground Floor (Retail)
First Floor (Office)
Total
Area sq. metres
79.90
56.90
136.80
Area sq. feet
860
612
1,472
Note: The floor areas above are approximate any intending purchasers should satisfy themselves with regard to
verification of same. Also note the first floor office we understand is a tenant improvement.
LEASE DETAILS
The entire property is let to Galway Vision Plus Ltd. (with the lease being guaranteed Specsavers Optical
Superstores Limited) under the terms of a 35 year FRI occupational lease commencing from 16th May
1991. The lease provides for five yearly open market upward only rent reviews and the lease expiry date
is 15th May 2026. The occupational tenant is responsible for normal outgoings such as service charge,
commercial rates etc. under the terms of the lease.
BER RATING
BER Rating:
BER No:
EPI:
800373375
814.38 kWh/m²/yr
Unit 207 (Level 2) Eyre Square Centre, Eyre Square, Galway
TENANT INFORMATION
Specsavers is an International Retail Brand with stores in 10 countries. In the Republic of Ireland,
Specsavers has 49 stores across the country. Specsavers Optical Superstores Limited had a turnover of
stg £392,606,000 and a pre-tax profit of £18,533,000 for the 12 month period year ending 28th
February 2014. (Source: Duedil.com)
All intending purchasers should satisfy themselves at their own expense with regard to Covenant.
TITLE
We understand the property is held under a long leasehold title.
SOLICITOR DETAILS FOR VENDOR
Mr. Pat Dorgan, Coakley Moloney Solicitors, 49 South Mall, Cork. Tel 021 4273133
GUIDE PRICE:
Offers in excess of €780,000 exclusive
VIEWING:
Strictly by Prior Appointment with the Sole Selling Agents
CONTACT:
Patrick Seymour 091 567331 (PSRA Licence No: 001297 – 001336) or
Andrew Carberry 091 567331 (PSRA Licence No: 001297-001270
Disclaimer Policy:
These particulars are for guidance only and do not form part of any contract. Whilst care has been taken in their preparation we do not hold ourselves responsible for any inaccuracies. They are
issued on the understanding that all negotiations will be conducted through this firm.
Power & Associates and the Vendor/Lessor give notice that:

These particulars do not constitute nor constitute any part of an offer or a contract.

All statements contained in these particulars as to this property are made without responsibility on the part of the Agents or the Vendor/Lessor.

None of the statement contained in these particulars as to this property tare to be relied on as statements or representations of fact.

The particulars, various plans, photographs, descriptions and measurements have been carefully prepared, but their accuracy is not guaranteed and any intending Purchasers/Lessees
shall satisfy themselves by inspection or otherwise as to their correctness. No omission, accidental error or misperception shall be a ground for a claim for compensation or for the
rescission of the Contract by either the Vendor /Lessor or the Purchaser/Tenant.

Neither the Vendor/Lessor nor Power & Associates nor any person in their employment has any authority to make or give any representation or warranty in relation to the property.
Prices are quoted exclusive of VAT (unless otherwise stated) and all the negotiations are conducted on the basis that the Purchaser/Tenant shall be liable for any VAT arising on the transaction.
Commercial Property Consultants • Chartered Valuation Surveyors • Estate Agents • Property Managers
Spanish Parade House, 13 Lower Merchant’s Road,
Galway Tel: + 353 91 567 331
PSRA Licence No: 001297
Email: [email protected]
Web:www.powerandassociates.com