Major city commercial property sells at auction for five times guide price

Galway Bay fm newsroom – A prominent commercial property at Tuam Road in the city has sold at auction for five times its guide price. A portion of Northpoint sold for 2.25 million euor at a BidX1 auction. The property, which had been guided at 400 thousand euro, comprises 7 retail warehouse units, 3 warehouses and 6 office units over several floors. Just one retail warehouse was tenanted at a 30 thousand euro annual lease. The property also includes 240 basement parking spaces and a further 190 surface spaces. It was built by Galway property developers Tom Considine and Paddy Sweeney who were also involved in one of the biggest property deals of the boom- the purchase of Millenium Park in Naas for 312 million euro. According to today's Irish Independent, the Northpoint property sold at auction in recent days for 2.25 million euro.