Saturday 1 October 2016

Retail improving outside of Dublin

Published 19/11/2015 | 02:30

The retal market is seen as improving steadily
The retal market is seen as improving steadily

Retail vacancy rates are shrinking across the country, in a sign that the long hoped for recovery outside of Dublin for the retail sector is finally beginning to take place.

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According to CBRE's bi-annual report on the Irish retail sector, this year has been "a year of recovery and growth" for the sector.

CBRE says that of the ten locations surveyed as part of the study, seven of the regional locations surveyed recorded either stability or an improvement in vacancy rates in the last six months.

The prime high street of Cork showed the most significant improvement over the period, as a number of pop-up or short term lettings saw the rate of vacancy reduce by 12.9pc to stand at 6.6pc by the end of Q3 2015.

Belfast also continued to improve over the six months since Q1 2015 to stand at 6pc at the end of Q3 with a number of transactions recently agreed in some of those vacant units.

The broker claims that despite increased occupier activity, there was little change in the vacancy figures of some locations.

"Kilkenny's High Street is an example where despite a number of tenant moves, the net effect on vacancy was only marginal with the overall vacancy rate having reduced in the six months from just 7.7pc to 6.6pc by the end of Q3 2015. Killarney's vacancy rate once again improved over the last six months to stand at 2.0pc, while the level of ground floor vacancy in Athlone and Limerick was stable over the period as additions were counteracted by new vacancies," it said.

Greystones shop guiding €315,000

By Peter Flanagan

JLL is seeking €315,000 for Triton House, Trafalgor Road, Greystones, Co. Wicklow.

The agents say this is “an excellent opportunity to acquire a high profile period building extending to approximately 1,700 sq ft over three storeys as well as a stand-alone building to the side of the property”.

The property is currently producing an income of €15,200 per annum under three tenancies.

JLL claim there is potential to increase the rent on the main building at the next rent review in April 2016. The tenant of the ground floor trades as Spendlove Coffee and Ice cream.

The first floor is currently in use as offices with the lower ground floor currently vacant.

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