RESIDENTIAL
As the Roscommon property market continues to improve, Sherry Fitzgerald P. Burke, Auctioneers, Valuers & Estate Agents, Goff Street, Roscommon Town have noted a marked increase in the demand for residential property throughout Co. Roscommon and more specifically for detached family homes in Roscommon Town as well as between Roscommon and Athlone.
The increased demand for residential property throughout Co. Roscommon has seen an acute shortage in the supply and availability of detached family homes coming to the market in Roscommon Town as well as between Roscommon and Athlone with properties in high demand in these areas. Sherry Fitzgerald P. Burke have presently a number of mortgage-approved buyers awaiting properties to come to the market in the aforementioned areas and especially a demand for family homes.
Speaking to the People, Managing Director Padraig Burke, MIPAV REV MCEI, noted the increase in first-time buyers and also of properties coming on stream in Ballaghaderreen in the New Year.
“A notable feature of property sales in 2016 was the increase in demand from first-time buyers. There was also a number of interested buyers bidding on various properties which is evidence of the increased demand. We’ve 52 residential properties in Ballaghaderreen at River Oaks that have been completed and will be sold individually in 2017 and we anticipate demand for these,” he explained. The team at Sherry Fitzgerald P. Burke also manage a large number of rental properties for landlords and this is another area where there is demand across the county.
COMMERCIAL/INDUSTRIAL
It has been an exciting year for the DTZ Sherry FitzGerald group as it was confirmed as Cushman & Wakefield’s exclusive affiliate in the Republic of Ireland.
The partnership brings together Cushman & Wakefield’s global platform and Sherry FitzGerald’s deep expertise across Ireland’s commercial property market. Cushman & Wakefield is a top three global real estate services firm, with some 43,000 employees in more than 60 countries, recorded revenue of over $5 billion, €4.3 billion sq. ft. under management and $191 billion in global transactions. In the UK, Cushman & Wakefield, headquartered in London, has 2,000 employees and offices in all the key UK cities. Padraig Burke has welcomed this development citing the additional resources it brings and what it can offer to his clients.
“It gives us access to many new services and opportunities driven by the scale of the merged Cushman & Wakefield business. Being the Irish arm of one of the top three global firms gives us access to many more occupier enquiries, finance, market intelligence, research and experts, than ever before. One of our new service areas, is the substantial debt advisory services which Cushman & Wakefield offers, this is a new offering for us that is now an integral part of every property transaction.”
Confidence in the retail property sector has returned with a number of new businesses operating in the county town this year. This new confidence is further cemented following the sale of a number of units at a landmark Roscommon Town commercial outlet namely Roscommon West Business Park on the Circular Road in Roscommon Town. These sales has recently been agreed by Managing Director Padraig Burke, MIPAV REV MCEI; Sherry Fitzgerald P. Burke.
Roscommon West Business Park is a commercial development incorporating retail/offices/commercial units from 1,000-16,000 sq. ft. Roscommon Retail Park on the Circular Road was also sold earlier this year and a number of units there will be available for lease in 2017. Another exciting option for businesses looking for office space or shops units in 2017 is Ballypheason House on which sale has been agreed. These will range from units of 1,000 sq ft to 3,000 sq ft and should help with the increased demand for commercial units in the county town.
The interest in retail properties for lease have also improved with some businesses looking to expand and are looking for larger premises while there is also an increase from people looking to start us their own business. Commenting on this, Managing Director Padraig Burke MIPAV REV MCEI said ‘’The increased level of enquiries for retail properties throughout County Roscommon coupled with strong demand can only be termed as encouraging as we enter 2017. We’ve units available on the Main Street as well as the very busy Harrison Centre. Things are certainly encouraging.”
AGRICULTURAL
Farming and the agricultural food sector have endured a difficult time over the past year, primarily due to the prolonged weakness of commodity prices coinciding with adverse weather conditions. However, Budget 2017 was a favourable one for the agricultural sector, with the amended income-averaging scheme addressing the current issue of income volatility. The scheme, which allows farmers’ profits to be averaged out over a 5-year period, has been altered to allow for an “opt-out” year. This means that in a poor year, farmers can defer the tax liability owed and pay only the tax due for the current year. This would go somewhat towards helping the cash-flow shortages experienced in Irish farming at present, and may perhaps in time bring some stability back to the land market.
Commenting on agricultural land sales, Managing Director Padraig Burke, MIPAV REV MCEI said ‘’good quality agricultural land is in constant demand throughout Co. Roscommon. Recent market results would indicate that potential buyers have a preference for small to medium-sized lots and are prepared to pay more for these parcels of land. Unlike other parts of the country, the prices for agri land has remained steady and we would expect them to stay the same in 2017.
“Padraig Burke & the team at Sherry FitzGerald P. Burke would like to wish everyone a safe and happy Christmas and prosperous 2017. Next year will a milestone one for the team as they celebrate 20 years in business. “We’re tremendously grateful for the support we’ve received over the 20 years and the loyalty of our clients. We strive to offer the most professional service and look forward to continuing our successes into the future,” concluded Padraig.
