Galway Bay fm newsroom – City councillors have been considering alternative uses for the ground floor of the car park at Hynes’ Yard on Merchant’s Road.
The discussions came after the elected members were asked to renew the lease to the car park operators, Amber Ventures Ltd.
The renewed lease would cost the operators 130-thousand euro every year, and would remain in place for 20 years.
A number of councillors suggested the council explore other uses for the facility for example, as an indoor market or a space for the arts.
However, the Chief Executive advised that because the original lease was granted 40 years ago, the city council is legally obliged to renew it – otherwise, it must pay out a 7-figure sum to the lease-holder.
Despite a number of councillors’ opposition, the lease has been renewed and will remain in place until 2040 – with a rent review to be carried out in 2026.
However, Green Party Councillor Pauline O’Reilly has requested a concrete figure on how much it would cost to buy out the lease for future consideration – to hear more, tune in to Galway Bay fm news on the hour…