Market Street Car Park For Sale - Bowling Green

what_traffic

What should be done with this plot of land?
http://www.myhome.ie/commercial/brochure/market-street-city-centre-galway-city/2901778

I would like to see Galway City Council purchase it and build a covered market similar to the Milkmarket in Limerick City.
http://www.milkmarketlimerick.ie/
It is called "Market Street" after all.
Any other idea's out there?

BeardySi

I agree - I was only recently thinking it'd be the ideal site for a permanent covered market...

Parking is tight enough in the city either keep it as it is for parking or build a multistory car park there imo.

Its a very handy place to park if you need to run into shop street etc for something.

Robbo

The boring answer being an institutional investor looking for a solid return with little risk.

bonzodog2

We could have a covered market on the ground floor with parking above. Or below.

what_traffic

Gatlin Plump Printer wrote: »

Parking is tight enough in the city either keep it as it is for parking or build a multistory car park there imo.

Its a very handy place to park if you need to run into shop street etc for something.

What are the car parking numbers in the City? It is not tight when you add it all up.
FYI
http://www.galwaycity.ie/parking-in-galway-city/parking-galway-information/#4
More car parking creates more car traffic as well.

Robbo

Robbo wrote: »

The boring answer being an institutional investor looking for a solid return with little risk.

It's a very good return, a lot worse ways to invest 4m if you had it. Would pay for itself in a couple of years.

gordongekko

Gatlin Plump Printer wrote: »

It's a very good return, a lot worse ways to invest 4m if you had it. Would pay for itself in a couple of years.

If you organize it I will start it off by investing €10

bonzodog2

Gatlin Plump Printer wrote: »

It's a very good return, a lot worse ways to invest 4m if you had it. Would pay for itself in a couple of years.

With "Net income after costs of €310,000pa "? How?

bonzodog2

bonzodog2 wrote: »

With "Net income after costs of €310,000pa "? How?

Yeah fair enough a "few years" is a bit of an under exaggeration but still 310k pa is a good yearly take and it's very low risk.

D Trent

This is what will be done with the carpark

http://connachttribune.ie/major-market-street-development-ready-2018/

youngrun

I wonder did they get the planning permission extended?
310k is a decent return on that car park

topcat77

I think a secure bike facility like this would be great.

youngrun

topcat77 wrote: »

I think a secure bike facility like this would be great.

Would it generate 300k plus a year ?

topcat77

It's not about the money. It'll be a public amenity. Handy for a family with a cargo bike to be able to lock it away safely.

youngrun

Who would pay 4 million for it though with no income if it were a bike park.

Iwannahurl

bonzodog2 wrote: »

With "Net income after costs of €310,000pa "? How?

Number of parking spaces: 88
Tariff: €2.40 per hour
Open: 24 hours.

http://www.apcoa.ie/parking-in/galway/market-street-car-park.html

For simplicity let's ignore night-time use and the overnight rate of €10.

If we assume 80% occupancy over a 12-hour day at €2.40 per hour, that suggests a yield of around €2000 per day.

At that rate it would only take 150 days to generate a gross income of €300,000.

A cash cow for sure. It's no wonder Galway City Council is (willingly) under so much pressure to pack as many cars as possible into the city centre, regardless of other important considerations and the common good.

Iwannahurl

topcat77 wrote: »

It's not about the money. It'll be a public amenity. Handy for a family with a cargo bike to be able to lock it away safely.

Public amenities are not prioritised in this context.

Dutch/Danish style covered and secure bike parking is needed, but this location would not be suitable, imo.

As has been pointed out by others in this forum and elsewhere, cycling is an ideal mode of door-to-door transport in urban areas, so bike parking should be sited as close as possible to where people want to go. It simply would not be worth the bother to park your bike on the 4th level of a multi-storey bike park, and then walk a similar or greater distance to your destination (which is why, for example, the location of some Coke Zero docking stations is a bit of an issue).

Crumbs868

Iwannahurl wrote: »

Number of parking spaces: 88
Tariff: €2.40 per hour
Open: 24 hours.

For simplicity let's ignore night-time use and the overnight rate of €10.

If we assume 80% occupancy over a 12-hour day at €2.40 per hour, that suggests a yield of around €2000 per day.

At that rate it would only take 150 days to generate a gross income of €300,000.

A cash cow for sure. It's no wonder Galway City Council is (willingly) under so much pressure to pack as many cars as possible into the city centre, regardless of other important considerations and the common good.

Would it really reach an 80% occupancy rate over a 12 hour period? I doubt it as its aimed at short term shoppers.

also it's in the interests of the seller to exaggerate revenue if anything so I'd imagine 310k is max

You also make important reference to gross income and Alcoa parking company, I'd imagine they have a nice % fee for themselves.

jkforde

the site's back on the market...
www.connachttribune.ie/major-market-street-development-ready-2018/

What used to be on that site?

Was it the original site of the Mon or do I have the wrong site?

what_traffic

Iwannahurl wrote: »

It's no wonder Galway City Council is (willingly) under so much pressure to pack as many cars as possible into the city centre, regardless of other important considerations and the common good.

That's true, they are addicted to it. It's a big money spinner for them. That's why there will continue to be car traffic issues in the City unless this is changed. Residents only streets would be a start. i.e streets were there is NO Pay and Display.

Iwannahurl

Crumbs868 wrote: »

Would it really reach an 80% occupancy rate over a 12 hour period? I doubt it as its aimed at short term shoppers.

also it's in the interests of the seller to exaggerate revenue if anything so I'd imagine 310k is max

You also make important reference to gross income and Alcoa parking company, I'd imagine they have a nice % fee for themselves.

I have no idea, tbh. What about 40% occupancy over 300 12-hour days?

I only used hypothetical round numbers to illustrate the point that 300k is a realistic figure over an entire year. Any serious buyer will want to see the detailed spreadsheets, I imagine.

Turnover and the average duration of stay are also important factors. Some people will park for a lot less than an hour but will pay the full hourly rate, or will go a few minutes over the hour and have to pay for two. In all cases the yield per hour per used space will be no less than €2.40 but if turnover is greater than one vehicle per space per hour then the hourly yield per space goes up incrementally: 2.40, 4.80, 7.20...

Lapin

A striking residential building of stunning architecture like this one would be ideal for that site.
A couple of neighbouring buildings may also need to be demolished to make way for it.

It would have the positive double effect of putting Galway on the map and addressing the housing shortage in the city.

There could be a bar and restaurant on the top with great views of Galway Bay and even Tuam on a clear day.


Everybody wins !

kieran26

Lapin wrote: »

A striking residential building of stunning architecture like this one would be ideal for that site.
A couple of neighbouring buildings may also need to be demolished to make way for it.

It would have the positive double effect of putting Galway on the map and addressing the housing shortage in the city.

There could be a bar and restaurant on the top with great views of Galway Bay and even Tuam on a clear day.


Everybody wins !

Why stop at one? Build 2 sure, think of the economies of scale.

Squeeonline

topcat77 wrote: »

I think a secure bike facility like this would be great.

Galway CC do something sensible? Ah now come on!

Also the city centre isn't exactly suitable for cycling, but it would be if there were fewer cars because people cycled.


Residents/people working nearby could rent places in there long term at low prices. Others pay a little more for /hour /day storage. You could also run a bike rental/workshop place out of there for additional income.


Someone has to take the risk that it will work, and that's unlikely.

I slightly misunderstood, I thought it was the other car park on Bowling Green for sale https://www.google.ch/maps/@53.2739265,-9.054003,3a,75y,313.29h,72.51t/data=!3m4!1e1!3m2!1s2g_flQnEcg0YAGu4eoKTdQ!2e0?hl=en
Makes no difference though.