Galway Bay fm newsroom - The Galway Crystal showrooms and factory at the Dublin Road in the city has been bought by the resident company for 3.5 million euro.
The premises opposite Merlin Park Hospital, was reportedly initially purchased for 20 million euro in 2006 by developer Bernard McNamara.
The developer hoped to use the site for apartments and secured planning permission for 178 homes before his company went into receivership.
According to the Irish Times, Galway Crystal has been paying an annual rent of 200 thousand euro 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.
