Business
Pub and adjoining premises for sale in Loughrea
A total of 19 lots across Galway, Sligo and Clare are set to go under the hammer next week, with guide prices from as low as €20,000.
The DNG Maxwell, Heaslip & Leonard auction takes place in the Radisson Blu Hotel on Thursday, December 18 at 3pm, and comes just days before the ending of the Capital Gains Tax exemption scheme for properties held for seven years.
Alan Maxwell told Tribune Property: “The auction will afford the astute investor probably the last opportunity to ensure they can actually have a contract signed before the all-important deadline on December 31.
“This deadline means any buyer who has a contract signed on a property will not be liable to pay any Capital Gains Tax on the property if they hold onto it for seven years. This is probably their last opportunity to get an unconditional signed contract before year end,” said Mr Maxwell.
Included in the auction catalogue are properties in Galway City, Loughrea, Craughwell, Corrandulla, Oranmore, Doughiska, Ennis and Sligo and range from two-bed apartments to a 10,000 square foot commercial unit. The Advised Minimum Values start at €20,000 with the highest AMV being €195,000 for a block of three apartments in Galway.
“We have apartments in fully managed student complexes near NUI Galway and GMIT, city centre two-bed apartments from €110,000, and a detached house on 0.6 of an acre in the village of Corrandulla with an AMV €125,000.
“We have a mix of all types of property on offer, and the investor is sure to find incredible value. Included in this is the former Kitty K’s public house with adjoining building on Dunkellin Street in Loughrea.
“The pub was trading right up until this summer and while it’s in need of some modernisation, it comes with the advantage of a full seven-day licence,” said Mr Maxwell.
The site itself covers 460 square metres, while the pub has two floors of accommodation overhead that includes two bathrooms, four bedrooms, a kitchen, two lounges and ample storage.
The adjoining building, No 26 Dunkellin Street, formerly traded as a ladies’ fashion boutique and is in need of refurbishment.
“With the demand for seven-day licences, this building being offered with an AMV of €150,000 represents great value,” said Mr Maxwell.
For further information or to arrange a viewing, contact DNG Maxwell, Heaslip & Leonard on 091 565261 or visit dnggalway.ie
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.
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
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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