€4.7 million asking price for Galway city hostel and restaurant

Galway Daily Galway news Barnacles Hostel sells for over €4 million

Barnacles Hostel and Trattoria Magnetti Italian restaurant in Galway are on sale for a combined price of €4.7 million within a larger property auction.

Barnacles Hostel has 112 rooms on its Quay street premises in the heart of the Latin Quarter, with six more beds in Kirwan’s Lane Townhouse and Teach Ard that attach to the rear main building.

Trattoria Magnetti Italian restaurant is found adjacent to Barnacles on Quay street. Both properties are well placed right in the heart of the Latin Quarter, only a short walk from the Spanish Arch or Eyre Sq, and opening right out onto the hub of Galway’s street music scene.

Barnacles is also being sold with Number 10 newsagents, found in the same building, which does a lot of business with people at the hostel or juts making use of one of the city’s busiest thoroughfares.

The three Galway properties for sale are part of a larger portfolio valued at €11 million, that includes the 171 bed Barnacles Hostel in Temple Bar, Dublin.

According to the Irish Times hotel property specialists CBRE are conducting the sale of the two hostels, while the restaurant is being handled as a separate lot by agents O’Donnellan & Joyce.

The portfolio is being offered up for sale as a whole, or as separate lots:

  • The entire portfolio, including both hostels, the restaurant, and shop, is available for offers over €11 million.
  • The Galway properties, Barnacles Hostel, Number 10 newsagents, and Trattoria restaurant command an asking price of €4.7 million/
  • Barnacles Hostel Galway without the restaurant has a starting price of €3.4 million.
  • Trattoria restaurant without the hostel starts at €1.35.
  • Barnacles Hostel in Dublin has the highest asking price of any single lot withing the portfolio, with CBRE asking for at least €6.5 million.

Accommodation has been a hot issue in Galway for a long time now, even for places meant for short term stays like hostels, as renters and students are increasingly desperate to find beds in a city experiencing a massive housing shortfall.