Business
Commercial units, apartments and land across Galway set to go under the hammer
A block of commercial units on the eastern side of the city – including one formerly occupied by Lidl – is set to go under the hammer for a total of around €6 million this month.
The five units at Merlin Commercial Park in Doughiska, which are being auctioned separately, are among 18 commercial and residential properties around Galway to be sold at an Allsop Space auction in Dublin on February 18.
The Galway properties have a total price tag in the region of €7.2m.
Among the residential properties going under the hammer are four apartments are for sale as one lot in Nuns Island in the city at a reserve price of €200,000 and a two-bed apartment in Clifden for €25,000.
Robert Hoban, Director of Auctions with Allsop Space told Tribune Property: “While the market will always face new challenges, feedback from our buyers is that a very strong appetite exists for the right property in the right location. Passing income is of particular interest to investors.
“We anticipate that 2015 will be a very busy year as more and more properties come to the market to meet the continued demand. We witnessed a marked increase in first-time buyers and owner-occupiers bidding at auction and this is an upward trend we look forward to seeing continue in 2015,” said Mr Hoban.
Commercial:
Unit 3 Merlin Commercial Park. Retail warehouse building extending to 3,590 sq m. Currently let to BWG Foods Ltd (lease expiry 2028 & rent reviews every five years) with rent reserved at €340,000 per annum and current rent passing of €294,000 per annum. The reserve is between €1.85m and €2m.
Unit 4 Merlin Commercial Park. A detached two storey healthcare investment extending to 1,858 sq m. Currently let to the HSE (lease expiry 2036, subject to minimum GP requirement) with a current rent reserved of €240,529 per annum. Reserve price between €1.5m-€1.6m.
Unit 4a Merlin Commercial Park. Supermarket unit extending to 1,532.85 sq m with parking for 157 cars. Currently let to Lidl Ireland (lease expiry 2033; breaks in 2012, 2016, 2020 & rent reviews every five years). The current rent reserved is €430,000 per annum. Reserve price is €1.1m-€1.2m.
Unit 2 Merlin Commercial Park. A warehouse investment building extending to 551 sq m. Let to Smurfit Kappa Ireland on a 12-month rolling tenancy. The current rent reserved is €165,000 per annum. Reserve price is €580,000-€620,000.
Unit 1 Merlin Commercial Park. Retail and office investment building extending to 529.53 sq m. The property comprises a ground floor retail unit (modern convenience store fit out) and two storey office accommodation overheard. Both floors are subject to tenancy with a total current rent reserved of €56,000 per annum. Reserve price is €430,000-€470,000.
For more, read this week’s Galway City Tribune.
Connacht Tribune
New President for Local Ireland
The new President of Local Ireland, the association representing local news publishers around the country, is Head of Irish Times Regionals Dan Linehan.
Mr Linehan takes over the presidency from Declan McGuire of the Connacht Tribune. His appointment was confirmed at the recent Annual General Meeting of Local Ireland at Bloomfield House Hotel near Mullingar, Westmeath.
Mr Linehan, who has served as Vice President of the organisation for the last two years, said: “The coming years are a very important time for local publishers with many important issues to be addressed, including the implementation of the Future of Media Commission recommendations, defamation reform, the role and support for local publishers in public service reporting and helping publishers develop commercial digital offerings.”
Speaking at the AGM, Mr McGuire acknowledged the work done by the Executive in the past two years under the direction of Executive Director, Bob Hughes, on several projects related to the publishing industry but most especially the successful conclusion of the long-running campaign for the abolition of VAT on newspapers.
He also wished Mr Linehan the very best in his new role as President of the association for the next two years.
Mr Hughes thanked Mr McGuire for his leadership and support during his term of office and said he looked forward to working with Mr Linehan on the key policy priorities for the association, including Government supports, Government advertising, fair remuneration for content from the tech platforms and the reform of the legislation for defamation.
Local Ireland members also elected Seán Mahon, Managing Director of the Southern Star, as Vice President for the next two years.
Connacht Tribune
Employers’ group hears of key challenges facing businesses in the region
The shortage of affordable housing is the single biggest impediment in attracting and retaining workers in the West, according to business group Ibec.
At a ‘Regional Insights Series’ meeting in the Galmont Hotel in Galway last week, employers were told that capacity constraints and labour supply are the key challenges facing business growth in the region.
Ibec Head of Regional Policy Helen Leahy said: “There must be greater focus by government on enhancing quality of life issues such as housing and infrastructure which are driving labour shortages in the region.
“Ibec’s vision for the West is to realise its potential to become a globally competitive location. An inadequate supply of affordable housing is now the single largest impediment to attracting and retaining talented workers, without whom business investment and expansions are not possible.
“Labour shortages are a real concern for businesses in the region. People decide where to live and work based on quality of life and access to high quality services and amenities. Industry tends to follow talent, and in this regard, the region needs to have all the building blocks in place as the attraction and retention of world-class talent becomes increasingly competitive on a global level,” said Ms Leahy.
Amongst Ibec’s priorities for the West are:
- Addressing housing and infrastructure challenges
- Transitioning towards a new growth model with Net Zero energy powered by Atlantic offshore wind resources
- Adapting businesses to the new economic realities
- Enhancing capacity and skillsets to achieve sustainable development objectives
- Investment in people and skills
- Creating competitive advantage through digitalisation
- Innovation as a key driver of productivity growth
Connacht Tribune
Survey finds one in five retailers in Galway want to go fully cashless
One in five Galway businesses want to go fully cashless, as the move towards card payments and tapping continues unabated post-Covid.
In all, 22% of Galway businesses would like to be fully cashless, according to a survey carried out by BOI Payment Acceptance (BOIPA), a provider of payment technology solutions, which asked Irish businesses about the current payment landscape as well as business confidence and concerns.
Over one-third (36%) of Galway businesses were unaware there is no contactless limit on mobile wallets – just below the national average – while 54% believe the increase in card over cash transactions has helped them run their business.
Six out of ten Galway businesses expect to grow this year despite the cost-of-living crisis and running costs dominating as key concerns; 62% believe their business will grow over the next twelve months despite global economic uncertainty.
Unsurprisingly cost-of-living increases and running costs were the main concerns the majority of businesses had.
For more, read this week’s Connacht Tribune.
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