Some of the funds have seen a net outflow of investor’s cash and accordingly have been net disposers. This has left a void at the upper end of the market that has given Irish investors the opportunity to purchase Unilever House and 70 Gracechurch Street, amongst others.
The UK has many similarities with our home market in terms of leases and practices. The big differences are there is more liquidity in the UK and yields are higher. Stamp duty in Ireland, at 9%, has reduced liquidity, which was already under pressure. Developers traditionally provided a flow of investments into the market once their developments are completed and let.
The super profits that development has generated together with low interest rates have taken pressure off developers to trade completed developments and many of them are holding their assets.
This is a vicious circle as these developers are also major investors and with the reduced supply of investments they become even less likely to sell given the difficulty of reinvesting. The low and apparently stable interest rate climate, weak stock market in 2001-2003 and increased wealth drove yields lower than many people predicted. While the disposal and acquisition of property is our core business, it is our in-depth understanding of how the market changes and evolves that sets us apart: we know when to act and when to stand firm; we are aware of the politics and personalities involved; we have an appreciation of the overall fabric of the market.
Our comprehensive knowledge of local and national property and procedure enables us to provide a consistent service, whether in an urban or provincial environment. Our proactive approach to strategic planning, appraisals and marketing, ensures maximum efficiency and higher returns for our clients. In other words, we get results. Lisney’s retail and leisure division has its finger firmly on the pulse of the Irish economy. Owners, leaseholders, retailers and leisure operators rely on Lisney’s expertise to identify suitable properties and tenants, to anticipate economic and consumer trends, and to manage the negotiation process.
Local and multinational companies involve Lisney at all stages of development, from finding a site for a shopping centre to locating tenants to populate it. Conveyancing specialists would embrace undertakings like property investigation, title examination, drafting property deed, delivering conveyancers report, planning archives for home loan bank and instructing purchasers on lawful angles regarding property deeds.