The Galway Irish Crystal showrooms and factory at Old Dublin Road, opposite Merlin Park Hospital in Galway, has been bought by the resident company for around €3.5 million – a long way from the reported €20 million paid for it in 2006 by developer Bernard McNamara just before the property crash.
Patricia Staunton of agents Cushman & Wakefield handled the sale of the buildings on a 4.6 acre site which were sold on the instructions of advisers Duff & Phelps.
Mr McNamara wanted to use the site for an apartment development and secured planning permission for 178 homes before his company went into receivership.
Galway Crystal has been paying an annual rent of €200,000 for the Georgian-style showrooms and other building dating from 1996. The operating company was bought by Irish American company Erne Heritage Holdings when it went into receivership in 1993.
The crystal company employs around 50 people in Galway.
