SHANNON FOYNES EXPANSION COULD HELP TAKE STRAIN OFF DUBLIN PORT AFTER BREXIT - Shannon Foynes port could take any post-Brexit strain off Irish east coast ports should Border checks lead to congestion, its chief executive has said.
Pat Keating, chief executive of Shannon Foynes Port Company, said the country’s largest bulk port for non-container freight could take further capacity on completion of a general cargo terminal. The State-owned company is investing more than €20 million converting 83 acres on the eastern side of the port for marine-related industry as part of a €64 million development plan, writes the Irish Times. As part of the expansion, the company plans to next year commence lift-on/lift-off operations of container freight that would allow it to take traffic from Dublin Port should Brexit congest freight traffic moving across the Irish Sea to UK ports. "Shannon Foynes Port Company could offer freight a very reliable alternative by enabling it to avail of a significantly less congested road network to Foynes instead of the enduring congestion of the greater Dublin area," Mr Keating said. The Foynes to Limerick road improvement scheme is earmarked for funding as part of the Government’s Project Ireland 2040 development plan, and would link it to the country’s motorway network, further improving access to the port.
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COMMERCIAL PROPERTY SALES FOR 2018 SET TO REACH €3.5 BILLION - The level of investment activity in Ireland's commercial real estate sector for 2018 is set to hit €3.5 billion.
That's the upbeat forecast from real estate advisers, Knight Frank, as the year draws to a close. While the final tally is dependent on the completion of numerous deals agreed in the fourth quarter, the overall value of transactions will be up markedly on €2.5 billion in 2017. This year's total outturn will, however, be some way off the record €4.5 billion recorded in both 2016 and 2014, says the Irish Independent. The office market accounted for the largest share of deals done by sector according to Knight Frank. Centred primarily in Dublin, this activity was driven by a combination of strong occupier demand and competitive pricing relative to other European locations. Knight Frank's analysis shows how Dublin, with prime office yields at 4%, is operating at a significant discount compared to cities such as Amsterdam (3.50%), Frankfurt (3.10%) and Paris (3%). The emergence of institutional capital from Asia was a key feature of the 2018 market, Knight Frank's report finds. Asian investors accounted for three of the top five office deals during the year. This included the largest office transaction- -- the €176m sale of One and Two Heuston South Quarter to Hong Kong-based CK Properties Ltd. Knight Frank notes the sharp increase in investment in the Private Rented Sector (PRS) as the other big trend in 2018, with more than €1 billion spent in this sector by a range of global institutional investors.
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CHEF WARNS VAT HIKE WILL BE 'ABSOLUTE DISASTER' FOR RESTAURANTS - Many businesses are going to be left with no other option but to shut their doors due to the VAT increase, a Dublin chef has warned.
Gaz Smith described the looming VAT hike as an "absolute disaster" for restaurateurs. "We’re left now in the position where we have to pass this onto the customers," Mr Smith said. "This couldn't have come at a worse time because we're walking into Brexit and no one knows how the chips will fall." As of January 1, the rate for the hospitality sector will rise from 9% to 13.5%, says the Irish Examiner. The revenue-raising measure, abolishing the special rate, was announced in Finance Minister Paschal Donohoe’s Budget speech in October. The reduced rate was introduced in 2011 on a range of goods and services, including accommodation, restaurants and hairdressers, in an attempt to alleviate some of the financial stresses on the tourism sector during the recession. The cost of the initiative was estimated at €350m per year.
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BOXING DAY SALES DRAW FEWER UK SHOPPERS - The number of shoppers visiting retailers on Boxing Day has fallen for the third year in a row as worries about the economy and the rise of internet shopping take their toll on high streets.
The average number of visitors to shopping centres, high streets and retail parks had slid 3.1%year-on-year by 4pm on Wednesday, according to data from analysts at Springboard. Sales were up slightly in London and Scotland and strongly in Wales, but down across the rest of the UK, writes today's Guardian. Diane Wehrle, insights director at at Springboard, said: "Boxing Day has become less important as a trading day. You don’t get that massive surge, particularly as we’ve had virtually continuous discounting since Black Friday [at the end of November]." She said the disappointing figures meant that retailers had seen about 4% fewer visitors to physical stores for December so far, and that this would be only partly offset by an increase in sales online. "Online sales are still growing, but growth is less this year than last year," she said. She added that the level of discounts also appeared to have ramped up as consumers were so used to being lured with promotions that price cuts of 20% or 30% had little effect.
