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Kerry hoteliers welcome retention of 9% VAT rate

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THE Irish Hotels Federation (IHF) has welcomed the retention of the 9% tourism VAT rate announced as part of Budget 2018. Patrick O’Donoghue, chair of the IHF’s Kerry branch, said the rate has been instrumental in the recovery of the tourism industry, which has created approximately 60,000 new jobs since the measure was introduced in 2011.

The Kerry IHF chair said: “Tourism is an indigenous export industry which not only supports approximately 230,000 jobs - equivalent to 11% of total employment in Ireland it also plays a vital role in addressing the regional imbalance in our economy. The 9% VAT rate has been the single most important fiscal initiative for Irish tourism in the last decade and we are pleased the Government has retained the measure.

"It demonstrates that it has been highly effective in job creation and also acknowledges that we have a pro-tourism Government who see the value the industry brings to every part of our country. The decision is a critical vote of confidence in the tourism industry at a time when it faces significant risks, most notably from Brexit."

Mr O’Donoghue added: “Tourism is one of Ireland’s largest employers. It currently supports some 230,000 jobs and is on-track to create a further 40,000 new jobs by 2021. Direct actions by the government including the 9% VAT rate [and the zero rate travel tax] have helped level the playing field for tourism businesses to compete for visitors with other European destinations and are vital in underpinning and sustaining that growth.”

“Tourism makes an important contribution to the economy of every county and town in Ireland. While the industry has returned to growth, with Brexit looming, a weaker sterling and a continued slowdown in tourism growth, there is no room for complacency.”

 


 
Above: Kerry IHF chair Patrick O'Donoghue.

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Paralympic legend Jason Smyth visits St Brendan’s

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Paralympic legend Jason Smyth visits St Brendan’s


World renowned Paralympian and world record holder Jason Smyth paid a visit to St Brendan’s College on Wednesday afternoon as part of a high profile visit to Killarney.


The six time Paralympic gold medallist spoke to second year students from St Brendan’s College, alongside students from neighbouring schools St Brigid’s Presentation Secondary School and Killarney Community College.
The interactive talk and interview took place ahead of World Sight Day, with the legendary sprinter sharing his personal journey with Stargardt disease, a genetic eye condition that left him legally blind at eight years old.
The Derry native, who holds the world record as the fastest Paralympian on earth over 100 metres, offered inspiring insights into overcoming physical adversity and achieving success at the highest level of world sport.
The school visit formed the opening leg of his Killarney schedule before he took centre stage later on Wednesday evening at The Killarney Plaza Hotel & Spa.
Smyth headlined An Evening with Paralympian Jason Smyth, an event organised by the Killarney Chamber of Tourism and Commerce as part of its winter schedule, sponsored by AIB.

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Deerpark Retail Park placed on market for fifteen million euro

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Deerpark Retail Park in Killarney has officially been placed on the market with a guide price in excess of 15.4 million euro, excluding VAT.

International real estate firm Cushman & Wakefield has been appointed as the sole sales agent to handle the high-profile commercial property sale on behalf of its current owner, Investcorp.

Investcorp, a global investment management firm headquartered in Bahrain, had previously acquired the prominent shopping complex.


The sale represents one of the largest commercial property offerings to launch in County Kerry this year.

Located roughly 1.3 kilometres west of Killarney town centre, the scheme enjoys strong regional connectivity and sits adjacent to independently owned operations including a Tesco Extra store, a Tesco petrol filling station, JYSK, and Aldi.


Constructed in 2006, the development extends across approximately 10,482 square metres, or 112,835 square feet.

The scheme comprises a mix of modern retail warehouse units and a complementary neighbourhood centre, offering 13 individual units in total with Part Open and Part Bulky Use planning permission.

The units range in size from 94.6 square metres up to 1,994.9 square metres. Visitors have access to approximately 248 customer parking spaces across the commercial grounds.

The park is currently 100 per cent occupied by a strong line-up of established national and international brands.

Key retail tenants include Marks & Spencer, Boots, DID Electrical, Maxi Zoo, and Mountain Warehouse.

The neighbourhood centre element accommodates service and convenience operators such as Costa Coffee, Card Factory, and Salon B.

The first-floor accommodation is fully let to Peak Performance Academy, which provides additional rental diversification.

Additionally, the scheme benefits from an agreement with Tesla to operate eight electric vehicle charging bays within the customer car park.


Commercial figures show that the property generates a total current rental income of 1,326,458 euro per annum, with a weighted average unexpired lease term of 4.45 years to break options and 6.46 years to lease expiry.

Cushman & Wakefield noted that the quoted guide price of 15.4 million euro reflects a net initial yield of 7.83 per cent, assuming standard purchaser costs of 9.96 per cent.

The selling agents highlighted that the fully occupied asset offers investors an attractive income profile alongside scope for additional income generation through parking commercialisation.

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