There has been “considerable interest” in the former premises of Kenny’s Bookshop on High Street, which was put on the market a number of months ago.
The historical building is currently zoned for use as a retail building and is occupied by outdoor clothing and equipment store Portwest, which has just under two years left on its lease and will be unaffected by the sale.
It has now been put on the market with a advised minimum value of €1 million and agents DTZ Sherry Fitzgerald told the Galway Independent this week that there has been several ‘low ball’ offer made on the premises so far.
“There has been considerable interest in the building since it was put on the market three months ago from multiple different parties. Most were locally based individuals with money. We’ve had a couple of low ball offers so far but the summer season is always quiet, so we are hoping that, once the market picks up in September, we’d have a few strong offers and move it on,” he said.
The premises consists of 8,000 sq ft over five floors (including basement and attic), with the distinctive internal features protected as a listed building.
While the current City Development Plan does not allow for the provision of a bar or restaurant in the space, the agents believe that prospective buyers may consider purchasing the site in the hope of increasing the value if planning considerations change.
“There is a bit of a risk in that because currently the planners wouldn’t allow it. I’d say it would appeal to someone who is halfway between a speculator and investor and I think if you could get it for €1 million, it represents great value as it’s a lot of building in the middle of the city,” said the spokesperson.