The biggest-ever property auction in the West of Ireland – with more than sixty homes and commercial premises going under the hammer – takes place in Galway next month.
The O’Donnellan & Joyce auction takes place on October 3, and is also expected to be a big draw for investors, with a number of city apartment blocks up for sale.
Thirty-five properties going under the hammer are in Galway City, while there will also be a large amount of receivership properties across Galway, Mayo, Sligo and Roscommon.
Colm O’Donnellan told Tribune Property: “It’s a tremendous opportunity for buyers, particularly first-time buyers and investors. And for people who want to acquire a quality family home, then the auction is where they will find incredible diversity and value.
“Thirty-five properties are in the Galway City area, particularly in established locations such as Salthill, Newcastle, and Renmore where properties have been difficult to obtain.
“Investors are expected to be out in force, as this may be the last opportunity for them to acquire properties and avail of the tax incentive scheme, where there is no Capital Gains Tax if they hold them for a period of seven years.
“We will also be launching a large number of receivership properties which will cover the areas of Galway City and county, Mayo, Sligo and Roscommon.
“These properties will mainly comprise investments and will all be listed at extremely attractive reserve prices. Included on this list are a number of small apartment blocks within Galway City which are currently rented and are being sold with tenants in place,” said Mr O’Donnellan.
Among the properties set to go under the hammer are:
► 7 Burrenview Heights, Knocknacarra Road, Salthill.
Stunning 5/6-bed family home presented in immaculate condition. Close to Promenade and all amenities. Advised Minimum Value (AMV) €500,000. Open viewings Wednesdays and Saturdays 2pm to 3pm.
► 38 D’Alton Drive, Salthill.
Large four-bed family home located in one of the most popular areas in Salthill. On the doorstep of a number of notable schools in the area, also Galway Golf and Tennis clubs. AMV €410,000. Open viewings Wednesdays and Saturdays 3.30pm to 4.30pm.
► ‘St Rita’s’, San Antonio Terrace, Salthill.
Unique four-bed semi-detached family home with basement and small self-contained flat. Moments from the Promenade. AMV €300,000. Open viewings Wednesdays and Saturdays 5pm to 6pm.
For more, read this week’s Connacht Tribune.
More than one third of adults have no pension
The Competition and Consumer Protection Commission (CCPC) has published new research outlining Irish adults’ preparations for their retirement.
The research findings show that a high percentage of consumers do not have any pension plan in place. When asked their reasons for not having a pension in place, 32% stated that they have yet to get around to it, 20% feel they are too young and a further 20% don’t feel they can afford it.
Almost a quarter (23%) of those in the 55-64 years age group – those who may expect to retire in the next decade – reported that they don’t currently have a pension in place. 77% of this age cohort expect to qualify for the State Contributory pension as one way of funding their retirement.
Of the 735 adults who took part in the research, two thirds (66%) stated they would be using the State Contributory pension to help fund their retirement. The research also shows that 32% of those questioned were unaware of the amount of the State Contributory pension payment (currently €253 per week).
Respondents intend to supplement their pension plans with a variety of other forms of retirement funding, including, selling a property (24%), rental income (23%), equity release (15%) and selling a business (14%). One third of those aged 25-34 expect to use funds from the sale of a property or income from a rental property as a source of funding in retirement.
Kevin O’Brien, Member of the CCPC, said: “This research suggests a lack of provision for adequate retirement income among a considerable cohort of Irish adults.
“It raises concerns therefore around the long-term financial well-being of consumers, with 38% having no pension in place.
Of those surveyed, many cite the time to set up a pension or being too young as barriers to making pension provisions.
“Pension planning is key to maintaining financial well-being in retirement and it is evident from this new research that many Irish adults do not have the necessary provisions in place to provide for a secure retirement, despite the significant tax reliefs available on pension contributions.
Local Ireland welcomes move to 0% VAT for news publishers
Local Ireland, the association representing 32 weekly paid-for newspapers around the country, has welcomed the decision by the Minister for Finance Paschal Donohoe to remove VAT on newspapers.
President of Local Ireland Declan McGuire said: “This is a very important move for news publishers.
“Zero per cent VAT will allow local newspapers around Ireland to invest in journalism and in the transition to new digital business models.
“News publishers have faced a series of major challenges over recent years, most recently the huge increases in the cost of newsprint. This move will help support jobs in the industry and sustain the quality of our service to readers.
“We very much appreciate this endorsement by Government for the valuable role we play in our communities and the public service content we provide.
“I would like to thank the Minister for Finance and the Minister for Public Expenditure and all the Ministers, TDs and Senators from across the political spectrum who have given their support to our campaign to end VAT on journalism.”
Executive Director of Local Ireland Bob Hughes said: “Local news publishers are the lifeblood of the communities they serve. Along with our national colleagues represented by NewsBrands Ireland, we play a vital role in Ireland’s democracy.
“Today’s decision will protect the future of trusted, professional journalism in Ireland against the tide of global disinformation that threatens to undermine healthy democratic debate and analysis.”
Galway call-out with entries now open for Guaranteed Irish Business Awards
Guaranteed Irish has announced the launch of the 2023 Guaranteed Irish Business Awards, celebrating the best of locally based businesses in recognition of their contribution to business in the country.
The Awards – back after their inaugural year – aim to put the spotlight on local businesses that have made a commitment to support local jobs and contribute to local communities across the country.
The event, which will be MCed by broadcaster Anton Savage, will take place at an awards luncheon in The Shelbourne Hotel on Tuesday, March 14 2023.
“Guaranteed Irish has been supporting businesses in Ireland for almost 50 years and is recognised as the national symbol for trust in business and provenance,” explained Brid O’Connell, CEO of Guaranteed Irish.
“It’s important to celebrate the best of homegrown businesses as well as firms that have chosen to operate locally here in Ireland. Through the Guaranteed Irish licensed symbol, consumers identify businesses that build local supply chains, support local jobs, and embrace sustainable business practices.
For more, read this week’s Connacht Tribune.
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