A landmark property in Galway city centre has sold for a whopping €2 million – after an online bidding war that saw Irish and international bidders go head to head to capture the premises.
Located on the corner of Galway’s bustling Shop Street, the building – currently a Three store – sold to an Irish investor after a protracted bidding process that saw its value inflate by more than €250,000.
Four would-be purchasers faced off in a bidding war for the five-storey property, which is located on 1 Shop Street in the very heart of Galway.
The battleground? The internet, and an online property company called BidX1.
Several interested parties took a look at the property before its sale for just over €2 million last month, with online and in-person viewings.
But after four weeks on the market, the prime corner building only brought four bidders to market – two Irish and two international.
Those bidding on the property were first required to register with BidX1, as well as paying a hefty booking deposit of over €50,000.
The online auction took a little over an hour, with bids starting at €1.75 million.
But things quickly escalated, with bids coming in thick and fast and rising – rapidly.
The auction started at 1pm on September 10, and by 2.07pm, one of the bidders had broken the €2 million barrier.
One further bid took the sale up slightly higher again, and brought down the hammer on a successful sale.
The successful bidder was an Irish investor, who bought the property as an investment.
They’ll take ownership of a swanky five-storey premises with a Three phone shop on the ground floor, and office spaces on the first and second floors.
As for the basement, third and fourth floors, they currently comprise storage accommodation.
