High-profile town premises up for sale
A HIGH-PROFILE premises on Wexford’s Main Street is up for sale with an AMV of €495,000.
Colum Murphy, managing director of Kehoe and Associates, describes number 7, South Main Street as an absolutely prime, three-storey, over-basement commercial property
It is fully-let currently yielding €40,500 per annum.
The ground floor, which is occupied by O’Neills Variety Store, extends to 124 sq. m. / 1,335 sq. ft. There is a basement of similar size with excellent head-room and permission is granted to extend to the rear.
There is separate access from Main Street to the upper floors, currently occupied by a beauticians. It is a high-profile position, with high volumes of footfall.
‘ This is an exceptional opportunity to acquire this high profile commercial investment located in the busiest portion of Wexford Town Centre,’ said Mr Murphy.
Tenants are not affected by the prospective sale.
THE main highlights of the Budget 2018 are as follows. CORPORATION TAX RATE: The Minister reiterated in his Budget speech that the 12.5% Corporation Tax rate will remain in place. VAT: The 9% VAT rate on tourism and services sector is retained. An increase in the VAT rate on sunbed services from 13.5% to 23% was announced. A VAT refund scheme is being introduced to compensate charities for the VAT they incur on their inputs. This scheme will be introduced in 2019 in respect of VAT expenses incurred in 2018.
BREXIT LOAN SCHEMES: A new loan scheme of up to €300M was announced to assist SMEs with their short-term working capital needs to put in place the necessary changes to help their business grow into the future. Brexit response loan schemes were also announced for the agri-food sector.
STAMP DUTY: The rate of Stamp Duty on commercial property transactions increases from 2% to 6% with effect from midnight on 10 October 2017. A Stamp Duty refund scheme relating to commercial land purchased for the development of housing is to be introduced subject to certain conditions including a requirement that developers will have to commence the relevant development within 30 months of the land purchase.
7 YEAR PROPERTY CGT RELIEF: The 7-year period for which owners had to retain qualifying assets to enjoy full relief from Capital Gains Tax (CGT) is reduced to 4 years. Accordingly, owners can sell qualifying assets between the fourth and seventh anniversaries of their acquisition and still obtain full relief from CGT on such chargeable gains.
INCOME TAX: There were no changes to the Income Tax rates. The exemption limits, tax credits and standard rate bands applicable for the tax year 2018 are set out in detail under the Personal Tax Facts section. A number of changes have been made to the rates and bands for USC which are set out in detail under the Personal Tax Facts section. Medical card holders and individuals aged 70 years and over whose aggregate net income is less than €60,000 will pay a maximum USC rate of 2%.
TAX CREDITS: The Minister has increased the Earned Income Credit by €200 to €1,150. The Home Carer Credit has also been increased by €100 to €1,200.
EXCISE DUTIES: Excise Duty on a packet of 20 cigarettes is being increased by 50c with a pro rata increase on other tobacco products and an additional 25c on roll your own tobacco. This will take effect from midnight on 10 October 2017. Tax on sugar sweetened beverages is to be introduced on 1 April 2018. The tax will apply to sugar sweetened drinks with a sugar content between 5–8 grams per 100ml at a rate of 20c per litre. A second rate will apply for drinks with sugar content of 8 grams or above per 100ml at 30c per litre.
SOCIAL WELFARE: A €5 increase on all weekly Social Welfare payments was announced together with a further €5 increase in the State pension. These changes will take effect in the last week of March 2018. The Christmas bonus payment of 85% will again be paid to all Social Welfare recipients in 2017.
DRUG PAYMENT SCHEME: The drug payment scheme threshold is to be reduced from €144 to €134 per month. Prescription charges have been cut from €2.50 per item to €2 with the monthly cap decreasing from €25 to €20 for medical card holders under the age of 70.
For information on changes made in Budget 2018 contact Jim Doyle on 053 9170507 or email jdoyle@rda.ie