€uro50 store opens today in Ormonde Centre, Gladstone St, Clonmel.

€uro50 opened in Clonmel’s Ormonde Centre today. It is their second store in Ireland, following opening in the Ilac centre last month.

They occupy 8,000sq ft retail plus 3,500sq ft storage. They join DV8 and 6^th Sense in the Ormonde Centre, which is a town centre redevelopment of the former Tesco store, on Gladstone St, beside the main town car-park (and opposite our office!).

About 200 people queued for the 10am opening and the crowd built rapidly thereafter.

Following a successful year of letting at the centre, we have just 7,000sq ft left of the original 30,000sq ft, with lots of interest in the remainder.

Don’t forget to call us for any information...:)

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Property Professional Groups News - Budget 2012 - Property Measures>>> via SCSI

Stamp Duty

• Stamp Duty – Reduction from 6% to 2% for commercial property effective midnight 6^th.
• No change to current Stamp Duty regime for residential property.
• Consanguinity relief on transfers of non-residential properties to be retained for intra-family transfers to end-2014. Abolished after 1 January 2015.

 

CGT

• Capital Gains Tax incentive for property purchased between midnight 6th December 2011 and the end of 2013;
• Gains relieved from CGT provided property purchased during this period is held for at least 7 years.

 

Mortgage Interest Relief

• Increase in the rate of mortgage interest relief to 30 per cent for first time buyers who took out their first mortgage in the period from 2004 to 2008;
• First Time Buyers who buy a home in 2012 will get mortgage interest relief at a rate of 25 per cent
• Non First Time Buyers who buy a home in 2012 will benefit from Mortgage Interest relief at 15 per cent
• Mortgage interest relief will no longer be available to house purchasers who purchase after the end of 2012 and will be fully abolished from 2018;

 

Legacy Property Tax Reliefs

• Effective from 1 January 2012 a property relief surcharge of 5 per cent will be imposed on investors with an annual gross income over €100,000. This will apply on the amount of income sheltered by property reliefs in a given year.
• Investors in Accelerated Capital Allowance schemes will no longer be able to use any capital allowance beyond the tax life of the particular scheme where that tax life ends after 1 January 2015. Where the tax life of a scheme has ended before 1 January 2015, no carry forward of allowances into 2015 will be allowed.

 

CAT

• The current rate of 25% is being increased to 30%. This increase applies in respect of gifts or inheritances taken after 6 December 2011;
• The current Group A (parent to child) tax-free threshold is being reduced from €332,084 to €250,000 . This reduction applies in respect of gifts or inheritances taken after 6 December 2011.

 

Household charge

• A household charge of €100 is being introduced in 2012;
• This is an interim measure pending design and implementation of a full property tax, which will apply in 2014.

 

CGT

• increase in headline rate of CGT has increased from 25% to 30%

 

Stamp Duty

 

NAMA

 

• The Minister has decided not to proceed with proposed changes to legislation affecting commercial property leases entered into prior to 28th February 2010, in terms of interfering with upward only rent reviews.
• NAMA has a policy guidance for dealing with tenants’ difficulties arising from upward only rent reviews.
• NAMA may approve rent reductions where it can be shown that rents are in excess of the current market levels and continued viability of the business is threatened. Number of conditions to be satisfied.
• Provision for the appointment of an independent valuation of market rent where necessary.
• Minister to establish an Advisory Group (“The Group”) to advise on NAMA’s strategy and its capacity to deliver on that strategy through property disposal and the ongoing management of assets;

 

Mortgage Arrears

• Government established a group to consider necessary actions.
• A formal announcement on the next steps is expected shortly.

via societyofcharteredsurveyorsireland.newsweaver.com

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Rents could crash following Budget moves over benefits - Independent.ie

MORE than 130,000 property investors could face a massive blow in the forthcoming Budget as proposed plans to overhaul the €510m rent supplement scheme could see rents crash.

Joan Burton, Minister for Social Protection, is seeking to cut the €510m annual rental-supplement bill paid by her department as part of the forecast €700m cut to the benefits budget.

Some 95,700 people in the country are in receipt of the rent supplement payment -- which ranges from €500 per month for a family with three children in Leitrim up to €1,100 per month for a similar family in south Dublin.

The number of people receiving the benefit has jumped 60 per cent since 2005, when the total bill was €369m.

It is understood that Ms Burton's department is looking at using its massive buying power to bring down the rents charged by landlords, as well as changing the limits and conditions associated with the benefit.

However, the supplement is believed to massively distort the private rental market as the sheer volume of payments has kept monthly rents artificially high. Rents this year have remained reasonably steady -- rising 0.1 per cent in the third quarter of the year. Private rents fells sharply in 2009 but have been reasonably constant since then.

Cutting the ceiling on rental payments could see monthly rents crash dramatically, according to property analysts. This will cause increased pressure on the middle classes who invested in rental properties during the boom years.

Falling rents, the second-homes tax and crushing negative equity add up to a major problem for owners of apartments. Government figures show that 99,000 people own a second property with a further 35,000 owning three or more properties .

Latest Central Bank figures show that close to 100,000 mortgages are either in arrears or have been restructured by banks -- that's more than one in 12 home loans.

A major fall in rental prices is likely to see investors face more problems in paying loans on rental properties, which may lead to a spike in arrears and an increase in repossessions by banks.

- Nick Webb

via independent.ie

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Lloyds plans €1bn Irish sell-off

by Sunday Business Post 4.12.11

Lloyds plans €1bn Irish sell-off

4 December 2011 by Gavin Daly

British bank Lloyds plans to put €1 billion-worth of Irish property into receivership as it accelerates the closure of the loan book of the former Bank of Scotland (Ireland).

The plan will affect hundreds of properties, including hotels, shops, office blocks and residential developments.

It is understood that the bank will ramp up its receivership activity early in the new year.

Lloyds stuck a deal earlier this year with Irish firm Green Property to manage at least €1 billion worth of Irish loans. However, it has emerged that Lloyds plans to put the companies behind the loans into receivership first, and allow the receivers to decide whether or not to use Green's asset management services.

Some properties are likely to be sold during the seven-year deal with Green, although the bank has not ruled out creating a property fund that could be sold on in one or more pieces. The bank has described the plan as "a medium-to-long-term solution for the Irish property market, where the challenges are significant".

Bank of Scotland (Ireland) banked dozens of hotel developments during the boom years.

It was the lender to Ashford Castle, which was last week put into receivership with the agreement of the hotel's owner, developer Gerry Barrett.

via societyofcharteredsurveyorsireland.newsweaver.com

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€uro 50 store fit-out is nearly complete in Clonmel's Ormonde Centre. Opening 14th Dec!

Ireland’s newest discount chain, who recently opened its first store in the heart of Dublin to snaking queues – will open in The Ormonde Centre, Gladstone St, Clonmel next week.

Fit-out is proceeding at a rapid pace, with the ceiling completed, the floor almost. Racking is going in tomorrow, then stock will be put in over the weekend.

The store consists of an 8,000sq ft unit, facing directly onto the main Town Car-Park. €uro 50 joins DV8 and 6^th Sense who are already trading very successfully in this town centre location.

The retail chain is part of the 99p Stores Group, which has 150 branches in its portfolio.

Faisal Lalani, Managing Director of €uro 50 Stores, says:

“We are committed to using Irish suppliers throughout our expansion programme and hope to provide new opportunities for Irish suppliers through our existing UK store network".

“We will have more than 4,000 different product lines, many of which will change weekly, so there is always something new every time customers visit.”

The new ‘€uro 50 Stores’ chain sees items at €1.50 or less.

The new stores will see departments from babywear to biscuits ; cosmetics to chilled products ; minerals, sweets and crisps ; hot drinks to DIY; food to fashion ; greeting cards to gifts ; pet-care to party-wear and stationery. The stores will also stock hundreds of themed products like Halloween and Christmas lines.

More than 70% of products will be well known leading household brands such as Colgate, Disney, Johnson’s, Nivea, Palmolive, Pringles and Radox. 

This is another great vote of confidence in Clonmel’s town centre, following on the recent opening of Holland & Barratt on the same street.

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