The Vacant Above the Shop grant explained, advice from an architect and properties for sale.
The Minister for Housing, James Browne, has announced that the Vacant Above the Shop grant has been extended, in the latest measure to alleviate some of the pressure in the ongoing housing crisis.
It is a payment you can get if you are converting (or refurbishing) the vacant space above a commercial premises into residential use.
The commercial element of the building must remain.
But what exactly is an above-the-shop grant, and what would a home above a shop look like?
What is a vacant above the shop grant?
The grant allows for a vacant space above the shop to be converted into living spaces, or, if it was already a living space but is now disused, to be refurbished.
How much will the grant be?
While many people would have seen that the grant is up to €135,000, it's actually dependent on how many residential units are being built.
If you're planning to have one residential unit above the shop, the grant only goes up to €95,000. Two residential units bump it up to as much as €115,000, while three or more units being created means you could be eligible for the full €135,000.
As well as this, the Expert Advice Grant will also be available for those who may already own commercial premises with vacant space above the shop.
This is an additional sum of up to €5,000 available, which can be used to engage suitably qualified professionals to assist owners on planning, building requirements and statutory regulations.
How is one eligible for the grant?
Becoming eligible for the grant is fairly straightforward: the retail building you're looking to refurbish must be built before 2008, and must have a commercial element that must remain in place.
Vacant space must also be outside of the building, and the space must have been vacant for at least two years prior. The commercial element doesn't have to be vacant.
How easy is it really?
Architect Ekaterina Noronova refurbished two apartments over the shop, featuring floor-to-ceiling windows and exposed wooden beams -- she admits that there are pros and cons to renovating a living space above a retail space.
The two apartments, each measuring 100 square metres, featured an outside terrace and glass doors and panels to subdivide the spaces while allowing light to flow through.
"The pros are that you don’t need planning [for the existing structure], but you do need fire certs. The fire regulations are quite difficult to meet," Ekaterina admits.
"Planners don’t like changing retail units on the ground floor to accommodation," she added.
"On the main shopping street, they want activity and retail to continue, in Dun Laoghaire or in Dublin city centre."
As well as this, there are practical aspects surrounding any renovations that will need consideration, including things you wouldn't have even considered in the first place.
"The windows had to be craned in at 6 am, and had to be gone by 7 am," Ekaterina said, adding: "We had to pay the neighbour to put skips in his back yard.
"It’s quite difficult. It works for people who already have builders. If you already own the building, say you’re a shop with empty floors above it is easier to make it work. You just need money.
"If you want this to be your first house, it’s not the easiest approach."
What about the finances surrounding running a business?
Well, this is where things may get a little tricky.
Of course, you won't be paying just a mortgage when it comes to a home -- should you end up owning the entire building, which would include the retail space, then you will need to pay rates to your local council.
These rates vary from council to council and are set by the Commissioner of Valuation.
The rate you would pay is calculated by the Rateable Valuation of your retail property, set by the Valuation Office of Taillte Eireann. This is multiplied by the Annual Rate of your valuation, which is set by the council.
If you're in the market, here are 4 properties for sale that offer both accommodation and a retail space
Potential work/live unit in D14 right by M50
Address: 2a Beaumont Avenue, Churchtown, Dublin 14, D14 FX22
Estate Agent: Galvin
Asking Price: €325,000
Located at the end of a retail strip that includes a gastropub, barbershop and takeaway restaurant, this corner unit extends to 50 sq m and can be divided into a retail unit at the front and residential accommodation/apartment at the back.
There is also scope, subject to planning, to go up and floor, have a publicly accessible office at the front, and live at the back and on the floor above.
Having previously traded as a laundrette it is located in a predominantly residential part of Churchtown, D14.
BER exempt and located in a good area, the agents Galvin are seeking €325,000 for this unit. Build costs will be at least the same again.
Former private practice, Ballina, Co Mayo
Address: 4 Howley Terrace, Ballina, Co. Mayo, F26 TP04
Estate agent: Edel Rolston Properties
Asking price: €199,000
Overlooking the river Moy, this 1950s end terraced house was extended and renovated in the 2000s.
Most recently, the property operated as a medical practice -- but has been left vacant for two years.
The retail, in this case, medical, space on the ground floor consisted of a clinical and administrative suite which included a reception room and three consultation rooms, as well as an office.
Upstairs is currently accommodation. With river views to the front, it might make sense to put the living areas of the accommodation at the front.
Edel Rolston Property is seeking just shy of €200,000 for the C3 BER investment property.
Three storeys in a prime location, Co Limerick
Address: Main Street, Abbeyfeale, Co Limerick, V94YE68
Estate agent: Charles O'Brien Auctioneers
Asking price: €150,000
This three-storey building in Abbeyfeale is what most of us would think when we imagine a shop/home.
It could prove to be something special with the help of the grant.
Extending to 184 square metres across its three floors, the retail premises is at the front of the ground floor, with accommodation and office space across the other two floors.
The heritage property has visible keystones and a traditional shopfront, all of which will likely have to be retained.
There is potential to extend at the back, subject to planning.
Heading up the stairs to the first floor are four bedrooms, one of which has a bathroom, but could be easily converted into three bedrooms and a separate bathroom, while two more bedrooms are on the second floor.
Serviced by mains and water and with electric and oil heating, the grant could easily turn this home into something special, which would easily justify its €150,000 price tag.
Centrally located heritage building, Co Clare
Address: Fergus Row, Abbey Street, Ennis, Co Clare, V95 ET66
Agent: Sheehy Mears
Asking price: €145,000
Extending to approx 104 sq m and spanning three floors, this property is also available for the grant as it has been left vacant for the previous two years.
While upgrades will likely be made, the prime location is arguably the listing's most attractive feature here.
The ground floor consists of two spacious office areas, while upstairs could become residential.
The ceiling levels within the building have been dropped, with the upper one bisecting the middle floor.
This reduces the number of potential rooms. Some works appear to have been undertaken, plaster has been stripped from the walls, and what appears to be a cement finish has been applied to the party wall.
Agents Sheahy Mears are seeking €150,000 for the G BER-rated property.
