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Empty Commercial Property in Galway

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    #32
    Sponge Bob
    Banned (with Prison Access) Posts: 25,234 ✭✭✭✭Sponge Bob


    It was finished in 2000 or 2001 , the reddish brick one behind the Topaz, and was never fully occupied if indeed any of it was ever occupied .

    That Connaught House building above Laura Ashley , also empty for 5 years and clad in tin or aluminium has just under 20 parking spaces per floor .

    Another place I remember looking at had no protected stairwell any more because the landlord had allowed the one tenant to punch through it . When I mentioned a fire cert to the auctioneer I never heard back from them , ever .

    It has been largely empty for 5 or 6 years despite being well fitted out for a modern office .

    Most of them are shell and core , never used .

    There must be a million square feet in Galway City . Empty . I know of offices finished in 2000 and never let and of offices lying empty since 2000 .


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    #33
    galwaybabe
    Registered Users Posts: 1,063 ✭✭✭galwaybabe


    Anecdotal I know but I've just heard about one of the developers down here in Galway being in 50 million Euro's worth of debt. Multiply that by a 100 and we're talking a lot of money and I'm sure there are more than a 100 such developers in Ireland at the moment. The mind boggles.


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    #34
    SimpleSam06
    Closed Accounts Posts: 4,048 ✭✭✭SimpleSam06


    galwaybabe wrote: »
    Anecdotal I know but I've just heard about one of the developers down here in Galway being in 50 million Euro's worth of debt. Multiply that by a 100 and we're talking a lot of money and I'm sure there are more than a 100 such developers in Ireland at the moment. The mind boggles.
    Developers owe a significant portion of the GDP to the banks. I forget how much exactly, I think it was half the GDP.


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