HAI’s Above the Shop research highlights need for stronger financial incentives

Hardware Association Ireland (HAI) has unveiled the findings of its recent ‘Above The Shop’ report to highlight a recommendation to Government for the introduction of a waiver on Capital Gains Tax (CGT) for over the shop properties. This is the latest initiative undertaken by the Hardware Association following its hugely successful vacant homes recommendations to Government.

An overwhelming 93% of the parties canvassed, called for a tax waiver to be introduced as an immediate incentive to encourage rapid property sales for this level of investment.

The respondents of the survey believe such a move on CGT would see an increase in  turnover and increase rejuvenation of the large numbers of vacant properties that are in Ireland’s towns and villages. According to the findings of the study, the introduction of these incentives will allow vacant over the shop properties to be quickly sold on to people wishing to buy and rejuvenate them into a home.

Commenting on this, Chief Executive Officer of Hardware Association Ireland Martin Markey said, “Since Covid-19, we have witnessed a hollowing out of retailers in many of Irelands towns and villages. Sadly a typical main street in Ireland has plenty retail space available along with the units above them ready for conversion and for families to move in”.

He went onto say, “If you look at any town street scape you will see plenty of vacant units ready for redevelopment. Our study has shown that there are at least 20,000 units ready for transformation”.

The prime recommendation from this survey is a waiver on Capital Gains Tax, which needs a window of three years to see a benefit. Added incentives for the owners of these above the shop properties should be rapidly investigated. These incentives include;

• Enhanced and Flexible Grant Structures: Extend the Vacant Home Grant to include “above the shop” properties, with the full grant funding per unit.
• Simplify planning and fire certification processes with clearer guidelines and faster approvals to reduce redevelopment barriers.
• Flexible Building Standards: Adapt regulations for older properties to make conversions more practical while maintaining safety and quality.
• Energy Efficiency Incentives: Offer grants or tax breaks for energy-efficient upgrades to reduce costs and support our Ireland’s climate goal.

Other findings from the study reveal the creation of greater incentives for tradespeople and rapid investment initiatives for training programmes to alleviate workforce shortages and more access to affordable finance such as low interest loans or government backed financing options.

Commenting on this, Martin Markey said that, “Revitalising vacant ‘Above The Shop’ properties is a vital step toward breathing new life into our towns and villages across the country. By introducing targeted tax incentives and streamlining regulations, we can unlock the potential of these spaces, creating much needed homes and boosting local economies”.

Over 200 parties were canvased including existing members of the HAI and local auctioneers for this report. Hardware Association Ireland is the representative body for Irish hardware and DIY retailers, builders’ merchants, distributers, and manufacturers. It represents over 400 members nationwide and 26,000 staff in the sector.

To see the full report click here.

HAI on the Radio

Listen back to HAI CEO Martin Markey on national and local radio this week by clicking the links below:

18/03/25: Newstalk – Interview with Ivan Yates on The Pat Kenny Show
19/03/25: Cork’s 96fm – PJ Coogan on The Opinion Line
19/03/25: Shannonside Northern Sound – The Joe Finnegan Show
20/03/25: C103FM – Cork Today with Patricia Messenger
20/03/25: WLRFM – Déise Today with Damian Tiernan
26/03/25: Limerick Live95fm – Limerick Today with Joe Nash
26/03/25: Midwest FM – The Tommy Marren Show
07/04/25: Galway Bay FM – Galway Talks (10 minutes into this link)
09/04/25: Midlands103 – Midlands Today (1hr 44 minutes in)

Media Coverage

https://www.rte.ie/news/ireland/2025/0404/1505783-vacant-above-the-shop/

https://www.advertiser.ie/galway/article/145388/the-potential-behind-converting-galways-vacant-commercial-units

HAI Meets key Dublin City development contacts

David McRedmond – Chairman of Dublin City Taskforce, and Martin Markey, CEO of HAI

Richard Guiney, CEO DublinTown and Martin Markey, CEO of HAI

This week HAI CEO Martin Markey met David McRedmond, Chairman of the Dublin City Taskforce, and Richard Guiney, CEO of DublinTown, to discuss the Above the Shop report and its opportunities. Watch these videos for insights from both David and Richard:

David McRedmond reacts to HAI Above the Shop research

Richard Guiney takes Martin Markey on tour of Dublin City

For more information about this research, or for access to the full report, please contact Martin Markey at martin@hardwareassociation.ie or contact the office at 01 2980969.

ENDS

Please note: Chief Executive of Hardware Association Ireland Martin Markey is available for interview.

For more information please contact:

Paul Allen                                                      Aoibhín Russell
Paul Allen & Associates                              Paul Allen & Associates
18 Fitzwilliam Square, Dublin 2                 18 Fitzwilliam Square, Dublin 2
01 676 9575 / 087 257 5700                           01 676 9575 / 086 892 3834