17th Oct 2009: Taoiseach opens shopping centre

TAOISEACH Brian Cowen has predicted Tipperary is set for a "major jobs boost" after an 11,000 square metre shopping centre was opened in the county, potentially creating 500 new positions.

The Showgrounds shopping centre facility, which was opened by Mr Cowen in Clonmel yesterday, includes 32 retail units ranging from book stores to fashion outlets and jewellers.

International firms such as Marks & Spencer, Pamela Scott, and Pralibel Belgian Chocolate have rented space at the centre, helping to create 300 new jobs.

However, when the store is fully occupied by the end of the year, a further 200 posts are expected to be created.

"This is a state-of-the-art development, with a great mix of fashion, food and leisure retailers, and with more to follow," said Mr Cowen.

"It is also the only shopping centre to open in Ireland this year. Already it’s providing 300 new jobs in Clonmel and when fully occupied, it is expected that 500 people will be employed. This major jobs boost is especially welcome and allied to this excellent facility, is a great addition to the town and its environs," he said.

To date, 25 of the 32 retail units at the new facility have been rented, with retail agents Savills predicting the remaining seven spaces will be filled over the coming weeks.

"We have a great selection of Irish, UK and European retailers at the Showgrounds providing a good mix of fashion, food and leisure services for a town that has been under-served in retail terms," said Savills director Peter O’Meara.

He added that retailers have been "very impressed" with the fact the new facility has 240,000 people living within a 40-minute drive of the location.

Plans for a further extension to the Showgrounds site put forward by the Limerick-based Greenband Investments company, which could have created a further 250 jobs, were rejected by An Bord Pleanála in mid-September.

However, the company said after "positive support" from Clonmel Borough Council, the planning permission request has been revised and relodged with the state organisation.

Like most parts of the country, unemployment levels have risen sharply in south Tipperary in recent months, impacting drastically on the local economy.

In June 2007 the youth unemployment rate in the area was 733. However, it currently stands at more than 1,840 — a 172% increase in just two years.

This story appeared in the printed version of the Irish Examiner Saturday, October 17, 2009

August 2009: Non-Principal Residence Charges

As you may be aware, The Local Government (Charges) Act 2009 introduced a €200 charge for the owners of Non- Principal Private Residences. The charge applies mainly to owners of private rented property and holiday homes. It also applies to vacant residential property unless newly built but unsold.

Exemptions currently defined within the Act include Principal Private Residence, Local Authority & Social Housing, Properties rented under the Rental Accommodation Scheme (RAS), and a number of other exemptions in relation to moving house, divorce separation, probate etc. (Further information on exemptions can be obtained from www.nppr.ie).

The Act provides for payment on a self assessment basis with statutory obligation on owners to pay in accordance with the legislative provisions, and to determine and declare their liability to the NPPR charge. No invoices or notices requiring payment will be issued by the local authorities.

Liability to pay the charge is determined by ownership of a relevant property on the liability date and the 31st July is the liability date in the current year. Payment of the €200 charge is due by 30th September 2009. If payment is not made by 31st October 2009, a €20 late payment fee will apply per property in respect of each month or part of a month during which the charge remains unpaid.

The rolled-up amount of a late payment fee should not be underestimated; for example non payment of a charge for a period of five years will result in a liability of over €4,000 when account is taken both of the charges and the late payment fees.

Where a property that is liable for the charge is sold, the Act provides that the new owner of the property will be liable for unpaid charges and late payment fees, and that these will remain a charge against the property for a period of 12 years from the date that they were incurred.

Further information, registration and payment facilities in relation to the charge are available at www.nppr.ie. Alternatively, the form can be downloaded, completed and forwarded with payment (cheque bank draft postal order made payable to LGCSB NPPR) to NPPR, Po. Box 11654, Dublin 8. It should be noted that Cash cannot be accepted.

Property Prices Retreating To 2005 levels

13th January 2009: Asking prices fell almost 15% over the course of 2008, according to the latest report from property website Daft.ie. The decline in prices accelerated in the latter months of 2008, with asking prices falling 5.8% in the last quarter alone. The national average asking price fell €58,000 in 12 months to €295,000 - the same level as in January 2006.

The total fall from the peak of the market in mid-2007 is now over 16%, with many areas around the country, including Leitrim and Louth seeing falls of almost 20%. In Wexford, Kildare, and Cavan, prices fell by up to 17%. While South County Dublin has been hardest hit, with typical asking prices in the area now €150,000 lower than at the peak.

According to Ronan Lyons, Economist with daft.ie. "The ongoing fall-out from overproduction of housing in Ireland in recent years has combined with unprecedented developments in the global economy. As a result, asking prices have tumbled, particularly towards the end of the year, reversing gains made in 2006."

Looking to the future, Lyons notes that some counties are likely to be slower to recover than others. "Areas suffering from a glut of properties may need a longer or a larger adjustment. Ballpark figures, based on the 2006 Census and daft.ie listings, suggest that as much as 10% of properties are for sale in counties like Roscommon, Cavan and Leitrim, compared to less than 5% in some counties."

The full report, containing an overview of regional trends and commentary by Ronan Lyons, economist with Daft.ie, is available online at www.daft.ie report.