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The importance of CPD courses Dear Member Welcome to the Autumn 2011 edition of the Property Professional magazine. Like previous Autumn issues, this edition focuses on IPAV’s broad range of education courses, some of which have already commenced. Following some discussion at our AGM in May, the Institute has already held the first in a series of one-day seminars focusing specifically on all aspects of Valuation. Due to the density of the subject matter and the short timeframe, these seminars are limited to 25 people each. However, IPAV is anxious to accommodate all the members who wish to participate and those interested should contact Head Office without delay. I am also delighted to confirm the launching of a new Higher Certificate in Science in Sustainable Building and Property in conjunction with Limerick Institute of Technology (LIT). This HETAC-approved course is at Level Six on the National Framework of Qualifications and represents a major step forward in our The property Professional education programme. is the Magazine of the Institute of Professional The programme will be delivered in IPAV Head Office at 129, Lower BaggotS treet, Dublin on a part-time Auctioneers & Valuers basis, with lectures delivered at weekends. 129 Lower Baggot Street I would like to thank the chairman and members of the Education Advisory Committee for their work in Dublin 2 putting this programme together and we look forward to working with LIT in the months and years ahead. Our regular Autumn seminars are in place again and details about them appear elsewhere in this issue. They will cover topics of interest to members in their day-to-day work, including health and safety issues Tel: 01 6785685 and recent legislation. I am glad to say that the numbers attending these seminars continue to increase Fax: 01 6762890 each year despite the unprecedented recession and I would encourage all members to use the current E-mail: [email protected] time to upskill on these and related items of interest. Website: www.ipav.ie CEI Website: www.web-cei.com Our range of courses in the Fine & Decorative Arts continues to go from strength to strength and Course Director Roxane Moorhead and her team of lecturers continue to add to what are already among the most highly regarded programmes of their kind in Ireland and beyond. Many members of the public who have found themselves with time on their hands for one reason or another find these courses of immense value and an ideal vehicle to acquire a new skill in a very interesting and diverse field of interest. IPAV will be running its weekend course covering all aspects of lettings on the weekend of 18 and 19 November at Head Office on Baggot St and this is an ideal opportunity for members and their staff to refresh their knowledge in an area of the property industry that continues to thrive in the recession. Members are also reminded to keep a close eye on IPAV’s websites which contain details of all of IPAV’s property courses, both full and part-time, www.ipav.ie and www.fineartcourses.ie . Ch i e f Ex e c u t i v e Of f i c e r Members should feel free to contact IPAV’s National Office in relation to any aspect of education or other Fintan McNamara M.Litt. Dip. L.S. issue of relevance at any time. MIPAV(HON) Best Wishes Ed i t o r Tim Ryan Tim Ryan Communications Tel: 01 679 0380 Fintan McNamara Ad v e r t i s i n g & De s i g n Chief Executive Designroom [email protected] Tel: 01 615 4715 Contents

Pu b l i s h e r Designroom Property News page 4-6 www.designroom.ie 2010 Tax Return page 7-8 Fine & Decorative Arts page 10-11 Property Professional Autumn 2011 Education Courses page 12-15

Views expressed by contributors or Pension Update page 16 correspondents are not necessarily those of IPAV or the publisher and neither IPAV nor the Member Focus page 18 & 22 publisher accept any responsibility for them. Investing in BRICs page 20-21

Autumn Issue | page 1 President’s Message

Message from the President

Dear Member Despite the difficult economic circumstances in which we have to operate, I hope you found some time to take a break over the course of the Summer and that you are at least somewhat refreshed for the challenges ahead this Autumn. Recent reports indicate that the rental market is, at least, stabilized and the traditional letting season for students is already underway. However, the sales market continues to slump due mainly to the lack of credit from the financial institutions. Despite the fact that the two main banks are now largely owned by the taxpayer, they have not responded at all as expected by the general public and this is something which the Government has not adequately addressed to date and needs to do so as a matter of urgency. This was one of the main items on the agenda for discussion when an IPAV delegation met the Minister for Environment, Community and Local Government, Phil Hogan in July. The meeting, details of which are contained in this issue, covered a number of topics and included the upcoming property tax, the proposed ending of property tax reliefs, the increasing burden of commercial rates on small business and regulation. The Minister promised to take note of concerns and, where the matters were not directly his responsibility, to pass them on to his relevant colleague. The new regulatory legislation has been delayed, as you are aware, mainly to allow for changes to be made to allow for the new Regulatory Authority to take statutory responsibility for publishing property sales prices. This latter addition is long overdue, given the vacuum that has existed in this area for some time now. The new Bill, which will be brought before the Dáil in the Autumn, will bring major changes to our industry. IPAV, through its publications, seminars and ongoing contact with members, will keep them fully informed of all developments as they progress. At our meeting with Minister Hogan, IPAV expressed our substantial fears about the cost of the new licence which we understand is expected to generate substantial income to fund the new National Property Services Regulatory Authority. IPAV also stressed the view that the new licences should be valid for a 5 to 10 year period as is the practice in many other European countries. As regards education qualifications, IPAV has already pointed out that the majority of existing members have no need to worry. Under what is known as the “grandfathering” principle, any agent who has practised in the industry for a period of years, (probably three of the past five years but not yet finalised) will automatically be granted a licence. While there will, no doubt, be some teething problems in the transition to the new system, the Regulator and his staff have assured IPAV that they are keen to be as helpful as they can and are co-operating at every level with us. As President, I want to assure all members that I will be monitoring developments closely and will take any action needed to protect members’ interests when necessary. In the meantime, I look forward to meeting many of you at our Autumn Seminars which begin in early October. Like my predecessors, I would urge you to make every effort to attend at least some of these as we prepare for the new regulatory system. A CPD points system will accompany the series as in previous years. Our recent successful Annual Convention in Cavan heard a number of calls for ongoing seminars on Valuation and the first of these took place on Saturday, September 10. The next Seminar will be held on Saturday, October 8. In the meantime, IPAV’s Officers and National Office are there to assist members in any way they can. Queries can also be addressed at any time to the Office staff who are happy to help. I look forward to meeting you during the course of the year.

Best wishes

Padraig Smith President

Autumn Issue | page 2 33656 MH HouseAgent A4 Press.indd 1 22/08/2011 14:49 Property News

Minister Penrose calls for more pro-active engagement by developers and funders on unfinished estates

Minister for Housing and Planning Willie • Driving a more co-ordinated and partnership approach Penrose has called upon developers between stakeholders; and financial institutions to take a • Tackling public safety as an immediate priority; more pro-active approach in working out long-term solutions for unfinished • Putting in place a stronger legislative and policy framework housing developments across the to incentivise real engagement by developers, site owners country. and funders in working with local authorities and residents in resolving unfinished housing developments; and The Minister made his call as he published the final report from the Advisory Group, entitled • Building confidence in the housing sector. Resolving Ireland’s Unfinished Housing Developments and Having considered the report and its recommendations his Department’s own Action Response to the report and closely, Minister Penrose also published his response announced the first allocation of funding to remedy public regarding actions and measures required to be taken in safety issues on some of the most problematic unfinished respect of the Final Report’s conclusion, a summary of housing developments. which are outlined below: The Minister expressed his concerns at feedback from many • Establishment of a National Co-ordination Committee local authorities around the country that, as they grapple with to oversee the implementation of action on unfinished unfinished developments, getting positive engagement from developments and to monitor and drive progress, to be developers, site owners and financial institutions responsible chaired by Minister Penrose; for the loans on such developments was proving very difficult. • Formal protocols for liaison between the various Accordingly, Minister Penrose called for “action now without stakeholders; developers, financial institutions; residents; delay”, saying the time for avoiding taking action was over. local authorities; approved housing bodies and the While the Minister did acknowledge the strong consensus Department, should be put in place to facilitate the sharing among the members of the Advisory Group on what should of information. This should be included in the proposed be done, he urged the key stakeholders involved in stalled Code of Practice on Unfinished Developments; or troubled developments on the ground, including the developers and the banks “not to sit on the fence” but • Resolution of public safety and other critical issues e.g. instead to continue to work together with local authorities public lighting, drainage etc., that are having a serious and residents bearing in mind that the priority is to address impact on the living conditions and quality of life for immediate safety issues to improve the lives of those residents of unfinished developments should be dealt with residents in the most problematic of the estates. as a matter of urgency; The Minister also acknowledged the pro-active co-operation • Prioritisation by local authorities of a number of of the National Asset Management Agency in working with developments to act as lead projects to demonstrate what his Department and local authorities to address various issues can be achieved; on developments, either in the control of NAMA or subject to • Implementation of the best practice Guidance Manual loans held by NAMA. on Managing and Resolving Unfinished Housing The Minister added that, for his own part and the part of the Developments, which will be published later this month Government, action was forthcoming with the first allocations together with the Code of Practice (currently being of limited funding to redress critical public safety issues finalised by the Department), which will set out ways of totalling almost €1.5m, Exchequer money that would have resolving unfinished developments. to be eventually repaid by developers and site owners. The Minister Penrose concluded, “I am setting up the National Co- Minister pointed out that this funding should ensure that ordination Committee to oversee and drive implementation of urgent action is taken in relation to matters of public safety the recommendations in this report. I am going to chair the and critical issues that are seriously affecting residents in the Group myself as I see it as a high priority and I intend to hold most problematic of the unfinished developments across the its first meeting in the next fortnight and publish a report on country. progress achieved within 12 months“. The key findings of the Group’s Final Report build on the interim findings of the group published in February and present a detailed list of recommendations which can be broadly categorised under the following headings:

Autumn Issue | page 4 IPAV News

IPAV holds wide-ranging meeting with Environment Minister

On Monday, July 25th IPAV President Padraig Smith led a Minister Hogan replied that he was open to capping the amount delegation to the Custom House for a meeting with the Minister of money any one property would have to contribute in one year for the Environment, Community & Local Government, Phil Hogan but he had not worked out the detail. He said he would “take TD. a pragmatic approach” to apartments and investment units in a single house. The meeting covered a number of topics of interest to auctioneers including the recently announced property tax and the lack of The lack of credit by the financial institutions was raised by the credit by the financial institutions. IPAV delegates as being the main stumbling block to kick-starting the property market. Minister Hogan outlined the recent financing The delegation consisted of CEO Fintan McNamara, National of Bank of Ireland and this hopefully represented the first vote of Council members Tom Crosse and Ron Duff along with Padraig confidence in generating interest in the private sector. Smith. The IPAV President introduced the delegation and expressed his thanks to the Minister for the meeting. “If you get the banks sorted, you have the country sorted,” said the Minister. Fintan McNamara outlined a number of IPAV concerns over the Property Services Regulation Bill which will regulate auctioneers Both Tom Crosse and Ron Duff underlined the major effects the and estate agents. The Bill is due back before a Dáil Committee lack of credit was having on the property industry as well as the in the Autumn. He said there were worries about the cost of the pointlessness of foreclosing on people who could not afford their new licence which was expected to bring in substantial income repayments. to fund the new National Property Services Regulatory Authority. The Minister said he found the meeting worthwhile and had taken He said IPAV was of the firm view that the new licences should a note of the points raised which he would bear in mind in the be valid for a 5 to 10 year period as was the practice in other course of the weeks and months ahead. European countries. Minister Hogan said he noted IPAV’s concerns and was sympathetic to them. He said he would pass IPAV’s views on to his colleague, the Minster for Justice & Law Reform Alan Shatter who has charge of the Bill. His personal view was that there would be rationalisation of a number of regulatory bodies in the coming months and he believed the Regulatory body would be merged with other regulatory bodies, thus leading to a more cost effective administration. As the meeting took place on the eve of the Government’s approval of the new property tax he said this was part of the terms of agreement with the IMF/EU/ECB package. It was likely, he said, that the monies raised would go to the Exchequer rather than to the local authorities. IPAV CEO Fintan McNamara pointed out that all non-owner occupied houses and units of accommodation were already subject to the €200 levy and this would cause an additional burden. Furthermore, it looked as though water charges were coming down the line in a short time. The IPAV delegation which met Minister Phil Hogan (l – r): Ronald Duff, Tom Crosse, Padraig Smith, IPAV President, Minister Hogan and Fintan McNamara, IPAV CEO

IPAV Valuation Seminar The first of IPAV’s one day Seminars on valuation took place at No. 129 Lower Baggot Street on Saturday, September 10. A total of 25 members attended lectures on many aspects of valuation given by experts Keith Craddock and Emma Leonard. The next Seminar takes place at same venue on Saturday, October 8. Members interested in attending should register with IPAV right away. Telephone: 01 678 5685 or email: [email protected]

Some of the 25 members who attended the Valuation Seminar (L to R) Declan Woods, Deirdre Gough, Padraig Smith (IPAV President), Celine Geraghty, Emma Leonard, Frank Chambers, Keith Craddoch, Frank Regan, John Mollin, Keith Duffy and Fintan McNamara (IPAV CEO).

Autumn Issue | page 5 Property News

Minister Hogan announces €100 Household Charge to fund vital local services

The Minister for the Environment, position, the funding now needs to be collected locally Community and Local Government, Phil through the introduction of this charge. Hogan TD has announced the introduction • It is expected to raise some €160 million - based on the of a Household Charge of €100 to fund vital number of properties expected to be liable to the charge. local services in line with the requirement in The amount raised will be dependent on actual collection the EU/IMF Programme of Financial Support rates and the costs incurred in collecting the charge. for Ireland. • Every effort will be made to keep administrative costs to the Speaking following Cabinet approval of the minimum. Household Charge on Tuesday, July 26, Minister Hogan said: ‘In line with the EU/IMF agreement, the Government has • Owners not occupiers will be liable. approved the introduction of a Household Charge in 2012. • Monies raised will be paid into the Local Government A full property tax, requiring a property valuation system, will Fund and will be allocated back to local authorities by take time to implement, so I am introducing an interim charge the Minister in General Purpose Grants – this will ensure of €100 which is to be applied to the majority of households authorities with low population figures will not suffer unduly in the country, payable from early 2012.’ as a result. “If we want to continue to have the level of local services we • The liability date will be January 2012 and households will expect, such as fire and emergency services, well maintained have three months to pay. Late payment penalties will streets, public parks, waste services, libraries, open spaces apply thereafter . and leisure facilities, we have to be willing to contribute towards paying for them. We expect to raise in the region Collection Methods: of €160 million through the Household Charge which will be used to directly support the continued delivery by local • Collected by LGMA (Local Government Management authorities of these vital services. Agency). “It is internationally accepted that local services are • Based on the principles of the NPPR charge and its administered by local authorities and financed by local service successful collection method. charges. Ireland is now moving along a path to a local and • Post or website (once off or direct debit four times a year). sustainable funding base for local government. Effective local governance requires strong local decision making. This • If it remains unpaid, charge will remain attached to the new funding system for local government will continue to property - if a property is sold the new owner becomes allow local authorities to prioritise expenditure to meet locally liable for outstanding monies. identified needs as part of the local authority’s budgetary process, making for a more efficient, accountable and Exemptions: effective funding system. This is local democracy in action.” 1. Properties that are part of the trading stock of a business Key points: (not sold or not generating an income) 2. social housing, including voluntary and cooperative • The Memorandum of Understanding with the EU and IMF housing units commits Ireland to the introduction of a property tax for 2012 and to an increase in the property tax for 2013. 3. owned by Government/Health Service Executive • The introduction of the Household Charge is an interim 4. owned by a Charity measure and proposals for a full property tax will be 5. Properties where commercial rates apply considered by the Government in due course. 6. Where a person is forced to leave his/her house due to • The Household Charge will be €100 in 2012. long-term mental or physical infirmity (elderly person that • This charge is another step in reforming the way local has moved into a nursing home). authorities are funded; it follows the introduction of the charge on non-principal private residences (NPPR) in 2009. Waivers: • Local representatives can prioritise services, making funding 1. Those in receipt of mortgage interest supplement; more efficient, transparent and relevant to their community. 2. Those in certain category 3 and 4 unfinished housing • It will contribute to fund local services such as fire and estates (building, planning, control issues and public emergency services, libraries, street cleaning, lighting, safety issues or where the developer is not contactable planting etc. and there are public safety issues). • Up until now the Exchequer has contributed to the funding of these services but, given the current difficult Exchequer

Autumn Issue | page 6 Income Tax Update 2010 Tax Return Deadline – 15th November 2011

The tax deadline is now just some 2 3. Income & Health Levies ½ months away and the Revenue have confirmed the deadline to be the 15th A common feature in the last few budgets has been the November 2011 in relation to returns significant increase in levies. filed through the ROS system. It is necessary to file your Tax Return online The Income Levy for the 2010 tax year is charged as follows: and to pay your tax online to avail of the 15th November extended deadline. With o up to €75,036 at 2% incomes for many down and taxes up o between €75,037 to €174,980 at 4% and many new restrictions in place the o in excess of €174,980 at 6% task of completing the 2010 Returns for many represents a difficult chore. In addition Health Levies of 4% are charged on income below €75,036 and 5% after €75,037. The following are some points that may be of interest to readers:- 4. Self-Employed Income 1. Rental Income and Expenses If you are a self-employed auctioneer you should ensure to claim all genuine business expenses incurred in the (i) When preparing your 2010 Rental Accounts it is important performance of your trade as an Auctioneer. All business to note that Rental Income is taxable on a receivable basis expenses wholly and exclusively paid out in the performance of of taxation and not received basis. This essentially means your trade as an auctioneer are fully deductable against income. it is the rent that a landlord would be entitled to receive Common expenses often overlooked and which should be rather than the rent the landlord may necessarily have included in self employed accounts are motor and travel received in a tax year. expenses, professional subscriptions and professional fees. (ii) It is important to know that the Revenue have a restriction on mortgage interest in relation to money borrowed for the 5. Pension Payments purchase, improvement and repair of residential investment When faced with a tax bill for the 2010 tax year and a properties. The interest is restricted to 75% of the actual requirement to make a Preliminary Tax payment for 2011, many interest charged so for example if a landlord paid €10,000 readers may wonder how to reduce their Income Tax liability. It in interest to the bank a deduction of €7,500 would only is possible to make a personal pension contribution before 15th be permitted by Revenue. November and reduce the 2010 liability and in turn reduce the Preliminary Tax for 2011 (that is on the basis that you pay (iii) In order to claim the interest deduction it is necessary to your Preliminary Tax for 2011 on 100% of your 2010 liability). show compliance with the PRTB requirements. If a landlord Tax Relief still applies at the rate of 41% on personal pension failed to comply with the PRTB requirements the Revenue contributions. would not permit a deduction for a mortgage interest in the rental accounts. 6. Preliminary Tax 2011 (iv) The Revenue have advised that the €200 property levy is The most common methods of discharging ones Preliminary Tax not a tax deductable expense in the rental accounts. for 2011 would be to either (1) Pay 100% of your 2010 liability or (2) pay 90% of your estimated liability for 2011. (v) The tax deductible expenditure that can be offset against Rental Income receivable is as follows: Repairs, The Revenue Commissioners have advised most recently in Maintenance Expenses, Insurance, Letting Fees etc. a Revenue E-Brief of the 14th April 2011 that where a tax payer bases his/her Preliminary Tax on paying 100% of their (vi) Expenditure on fixtures and fittings i.e. furniture, electrical 2010 liability that it is now necessary to compute the 2011 appliances etc qualify for a special wear and tear allowance Preliminary Tax payment as if the USC had been payable for at the rate of 12 ½% and a full deduction on the cost 2010 and as if the Income and Health Levies had not been cannot be claimed against Rental Income receivable. payable for that year. This adds a little complication to the 2. Gifts and Inheritances Preliminary Tax rules and it is important that readers bear this in mind as the Revenue will charge interest on late payment of There is a section on the Tax Return for 2010 where a tax payer Income Tax and Preliminary Tax. must record whether they received any gifts and inheritances in 2010.

Autumn Issue | page 7 Income Tax Update

7. Affordability and your Tax Liability difficulty in making the required tax payment, I would advise that contact is made immediately with the Office of the Collector Upon calculating the 2010 liability and Preliminary Tax obligation General in Limerick. The Debt Management Unit can be for 2011 many readers may find that they do not have the particularly helpful in agreeing instalment arrangements with tax necessary funds to either pay the balance due for 2010 or payers who are not in a position to make lump sum payments to Preliminary Tax for 2011. Please note that where one is in discharge their liabilities.

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*Shay O’Brien is the Tax Manager in PKF Tax Consulting Limited and can be contacted on 01-4961444 or by email [email protected]

IPAV Valuation Seminar Saturday, October 8 Register Now. Telephone: 01 678 5685 or email: [email protected]

Autumn Issue | page 8 Your Life-Your Business-Your Way!

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CdWdYn^ci]ZldgaYhZaahbdgZ egdeZgini]VcG:$B6M Fine and Decorative Arts

As one door closes another Doorway opens - on Dublin’s South Frederick St.

By Sara Donaldson

No sooner had the Bad Art Gallery on was due for renewal Dublin’s Francis Street closed last January, and required a 25- than the Doorway Gallery swiftly opened year commitment. on South Frederick Street in March. Sara Thus Denise made Donaldson spoke with Director of both the decision to close galleries old and new, Denise Donnelly. in early 2011. As Michael Parsons of One could say that Denise Donnelly has The Irish Times wrote art in her blood. Hailing from an artistic on 22 January 2011: family (her mother Clare O’Farrell, sister Deborah Donnelly, aunt Patricia Ahern and cousin Roisín O’Farrell ‘The customer-friendly Bad Art Gallery was a force for good... are all painters), Denise grew up attending exhibitions and Despite its provocatively tongue-in-cheek name, the Bad Art is galleries and naturally graduated to representing her family’s work anything but. The bright, cheerful space at 79 Francis Street in at art fairs. When Deborah Donnelly was commissioned to create a series of her signature cow paintings for Rhodes D7, the restaurant opened by celebrity chef Gary Rhodes on Capel Street, seeing her sister’s work in this context gave Denise the idea of opening a large gallery in which to exhibit it.

She had in mind a large space with a warehouse atmosphere like the galleries she had experienced in New York, with a friendly environment geared at a young clientele. She discovered an available property that could display up to 300 paintings, large and small, at one time on Francis Street in Dublin 8, an area already known as the ‘Antiques Quarter’ of Dublin. It seemed ripe for becoming a hub of galleries as well, Deirdre Carroll (left) and Denise Donnelly situated close to the National College of Art and Design and in the Doorway Gallery various artists’ studios in the Liberties. Five more galleries soon followed her to the south end of Francis Street and it began to Dublin 8 is filled with a diverse range of affordable art. Paintings take on a Bohemian atmosphere. and some sculpture are displayed in a customer-friendly way, with everything clearly priced, and browsing is not just welcomed The Bad Art Gallery opened in October 2005, its name a but positively encouraged... The closure is yet another blow for challenge to potential buyers to come inside and judge the art Francis Street in the Liberties – a traditional hub of the city’s fine for themselves. Denise aimed at exhibiting affordable art in an art and antiques trade. The entrepreneurial owner of the Bad environment that was accessible to first-time buyers who might Art Gallery, Denise Donnelly says: “Francis Street is struggling in be intimidated by other galleries. this climate. Four shops closed over the last three months which is very sad. Francis Street just doesn’t have enough foot traffic; I Bad Art Gallery think it is slightly off the beaten track.”’

Through her contacts in the art world she brought numerous Denise was joined at the Bad Art Gallery by Deirdre Carroll, who artists to the Bad Art Gallery and, at one point, she was also comes from an artistic family. Her parents were proprietors representing 350 people. Many of her buyers were in search of of the Carroll Gallery in Longford town and the Wyvern Gallery large-scale canvases, often in equally large numbers. The third in Temple Bar. Deirdre managed the Bridge Gallery on Ormond and fourth years at the Bad Art were very successful by which Quay for eleven years prior to her involvement with the Bad Art. time Denise had built up good artist profiles but she began to feel When the lease was due for renewal at the Bridge the rent was that people were buying ‘with their ears rather than their eyes’. trebled. The area was changing and it had suffered a decline in footfall and a subsequent loss in trade. The art market had become a conveyor belt in her opinion as in the case of her sister Deborah who was receiving orders for five Gibbsian doorcase or ten paintings on a given day. While running a gallery during the boom was an invaluable learning experience, it became highly Deirdre and Denise decided to go into partnership and carefully pressurised. After five years in business, the lease on the building consolidated their combined portfolios of 350 artists to 25,

Autumn Issue | page 10 Fine and Decorative Arts

with whom to start a new business. They found a premises paintings by restaurateur Nick Munier (4 - 25 August), Roisín at 24 South Frederick Street which had previously been home O’Farrell (September 8 - October 6), Val Byrne (13 October - 3 to Gormley’s Fine Art (now next door) and before that to the November) and Christy Keeney (10 November- 1 December). Frederick Gallery. Indeed the building has a proud history of Other painters represented include Lucy Doyle, Geraldine displaying art. There now exists a cluster of galleries on the east O’Reilly, Tony O’Connor and Francis Boag, as well as sculptors side of the street: the Doorway Gallery has joined Gormley’s, the Seamus Connolly and Graham Knuttel. The Gallery will Wesley Ashe and Leinster Galleries. participate at affordable art fairs in Edinburgh and London and on Dublin Culture Night (23 September) it will remain open until The Gallery owes its name to the imposing cut-stone doorcase midnight with artist demonstrations, a party atmosphere and on the façade of the building. It is in the style of James Gibbs refreshments on offer. (1682-1754), an influential British architect whose published designs made his doorcase very popular. It became commonly Solo exhibitions known as a Gibbsian doorcase and is characterised by a classical architrave punctuated by prominent blockwork. Generally While many might caution against opening a new gallery in the constructed of granite, it is completed by a midst of a recession, others suggest it is the best time to do so. simple fanlight and door with up to nine raised Denise believes that good quality art comes to the fore in hard panels. The Gibbsian doorcase remained in times. While less determined artists give up, the truly dedicated, fashion until 1760 and even later, but the hard-working ones persevere. She accepts that taking artists earliest known examples, now very rare, date on board is a huge investment and staging solo exhibitions is from the 1730s. Number 24 South Frederick always a gamble. She cannot sell the work of artists who are Street dates from 1737 and possesses the going to discount it in the future: buyers need to feel that the art only surviving Gibbsian doorcase on the street. they purchase will increase in value. Denise places trust in the While most of the street’s houses were built in artists she represents, but buyers invest in the gallery as much the 1740s and 1750s, a number of those on as in the art they purchase – they need to feel that they can the east side, including number 24, have the trust the gallery to select good artists. A three-way relationship narrow proportions of the 1730s. of trust exists between gallery, artist and buyer. Building such a relationship is a long-term process and Denise believes it takes The Doorway Gallery was opened by Pat Kenny between five and ten years to fully establish this. on 24 March last with a solo exhibition of Padraig McCaul’s work, entitled ‘Sentinels’ downstairs and a group show upstairs. Two She finds the art market calmer, and buyers more careful, than in adjoining rooms upstairs and a series of small interconnecting the past. While the Doorway Gallery attracts a mixed clientele, the rooms downstairs offer endless possibilities for displaying art. most rewarding sale, for her, is to a first-time buyer choosing an initial artwork for their home. The intimate spaces downstairs offer surprises at every turn with artworks revealed in each corner and alcove. The She allows potential buyers to take an artwork home to see it in Gallery holds a new solo show every four weeks, while group situ before making the ultimate decision. Denise will personally shows are in constant flux. This Autumn’s solo shows include hang an artwork in a buyer’s home for them, an after-hours service that perhaps goes beyond the call of duty, but one which she seems to enjoy.

Working with people comes naturally to her, and while she accepts that her work brings with it a certain level of stress, she adds that the human side of the job makes it worthwhile. Denise strongly feels that one does not (and should not) get into this profession for financial gain – they get into it for the love of it, as she clearly has.

• Sara Donaldson has an M.Litt in the History of Art and an MA in the History of Design and the Applied Arts. She lectures in these subjects on the IPAV Diploma and Certificate Courses in the Fine and Decorative Arts and in the History of Art, Design, Denise Donnelly and Sara Donaldson at the Costume and Fashion at Griffith College Dublin. opening of the Doorway Gallery e500 for your tax Tax return offer for IPAV Members returns, up to Is your accountant charging ‘bubble’ tax return prices? 4 staff The first 5 IPAV members to avail of our services will get full returns done fore 500 plus vat We specialise in tax returns for auctioneers and valuers, ring now! Contact Andrew on 086 3726579 or email: [email protected]

Autumn Issue | page 11 Education Courses A Choice of courses in the Fine and Decorative Arts

IPAV is again delighted to offer a number of unique courses in the is carefully selected in conjunction with their lecturers and is Fine & Decorative Arts for the 2011/2012 academic year. undertaken with the personal supervision of an individual lecturer.

All courses are designed to provide an opportunity for students “This course is of immense help to people who are not sure who are interested in the Fine and Decorative Arts to pursue their what path their career will take,” says Course Director Roxane interest in a supervised and very well structured manner. Moorhead. “It is also useful to people who are deciding on a career change or who have taken retirement for one reason or For some it may lead to a rewarding career, while for others it may another. Despite jobs in the art world being scarce many former be the fulfilment of a personal ambition to develop and sustain students have found opportunities in the auctioning of fine arts, knowledge picked up over the years. galleries, antique shops and interior design. Lecturers are more IPAV’s Diploma in the Fine & Decorative Arts, run in association than willing to help people in their careers by giving useful advice with the Irish Antique Dealers Association, is a full-time course and assistance.” which runs three days per week (Mon – Wed) for one academic The Certificate course is part-time and runs one evening per year. week (Tuesday) from October to May. The Certificate course is This is the only full time course in the appreciation of fine and a condensed version of the in depth Diploma course in which decorative arts in Ireland. lecturers give a broad introduction to the various subjects. It is ideal for people who have an interest in the field but who cannot Suitable for all age groups, it attracts students not only from attend the day course. Ireland but from many other parts of the world. The syllabus is a broad and flexible one, with the emphasis on identifying art The Diploma course commences on Monday, October 10 and the objects in their historical context. Certificate course on the evening of Tuesday, October 11. Lecturers are drawn from the commercial art world as well as A 14 week lecture series (one day per week) in the appreciation from the universities and art colleges. Topics covered include of Italian art will commence on Thursday, October 27. This series the History of Furniture, the History of Painting, the History of is a wonderful opportunity to gain an insight into Italian Fine & Architecture, the History of Silver and Art & Investment. Decorative Arts and places will be allocated on a first come, first served basis. Students also benefit from study trips during the year to cover the main museums, art galleries and some historic houses. Students The course will concentrate on the Italian Fine Arts through are also welcome to partake in an organised and guided annual centuries including lectures on Art History, Sculpture, Interiors, weekend trip to the UK, visiting famous galleries, museums and Furniture and Porcelain. stately homes complimenting the course subjects. Details of all Fine & Decorative Arts courses as well as application Occasionally, field trips to collections and historic houses outside forms for download are available on the website www. Dublin are also made, for which a whole day will be necessary. fineartcourses.ie. A particular requirement of the course is the preparation and Further information and application forms are also available from submission of a written dissertation by students on a subject of IPAV Head Office at 01 – 678 5685 or e-mail [email protected]. particular interest to themselves allied to the course. The project

Weekend Letting Course

IPAV’s next weekend lettings course will 1. The Property Services (Regulation) Bill, 5. Communication and Marketing: Best take place on the weekend of November 2009. Details of the new Bill recently practice in the sector will be outlined and 18th and 19th, at IPAV Head Office in debated in the Houses of the Oireachtas examples given. Dublin. will be outlined. 6. New Standards for Private Rental Sector: This short course is aimed at those who 2. Operation of the Private Residential This lecture will deal with the most recent are involved in the business as Property Tenancies Board (PRTB): The main legislation on Standards in the Private Managing Agents, Letting Agents and activities of the board will be outlined Rented Sector. Property Professionals to make them aware including its brief and operation and Venue: of the dramatic changes in law and practice its significance for the professional that may have a profound effect on their practitioner. The course will be delivered at IPAV Head day to day activity. Office, 129 Lower Baggot St., Dublin 2 and 3. Taxation of Irish rental income issues: the course will confer 3 CPD points on IPAV Registration will take place on Friday This module will focus on the current members. Certificates will be presented to evening at 6.00pm, followed by the first treatment of investment property and the successful participants. lecture of the series. Lectures will continue legislative changes to revenue audits etc. all day Saturday from 10.00am – 5.00pm, Further information and an application form 4. Commercial Lettings: This section will with a break for lunch. can be obtained by e-mailing [email protected] deal with significant changes in practice or by telephoning 01 678 5685. The course will cover the following areas: and procedure in the commercial sector in the context of changes in legislation.

Autumn Issue | page 12 Education Courses

A Choice of courses in the Fine and Decorative Arts New Higher Certificate in Science in new Sustainable Building and Property

IPAV, in association with the Limerick Institute of Technology Entry requirement (LIT), is this Autumn launching a new Higher Certificate in Science in Sustainable Building and Property. This two year Applicants will normally have achieved a minimum of five passes part-time course, which will be held at weekends over two years in the Leaving Certificate examination, including English and is HETAC approved and is at Level 6 on the National Framework Mathematics or have an equivalent award from a recognised Qualifications. awarding body. Applicants who do not meet the minimum standard of education as required will be assessed on previous The course is designed to meet the needs of those already qualifications and work experience. working in the industry or related areas who wish to obtain a formal educational qualification. In addition, it also provides an Welcoming the new course IPAV CEO Fintan McNamara said he opportunity to progress to Honours Degree level (Level 8). was delighted with the outcome following fruitful discussions with LIT over the past year and said he looked forward to building a The first course will commence shortly and conclude in May, close working relationship between the two institutions. 2012. The venue for the course will be IPAV’s National Office at “The course begins at a most opportune time as we await the 129 Lower Baggot St. final passage of the new Regulatory Bill through the Houses of The subjects covered will include Property Valuations, the Oireachtas,” he said. “I hope many existing members and Construction Technology, Conservation & Architectural Heritage, new students alike avail of the opportunity to study this course Land Use Planning Principles, Building Systems, Property Law and which will provide an ideal educational qualification for those Economics for Construction. already in or about to enter the property industry. For further information please email [email protected] or contact Successful students will be awarded a Higher Certificate jointly by Telephone 01 678 5685. IPAV and LIT.

A bSC while you work in less than two years! from The College of Estate Management, Reading, UK

In these difficult times it is a difficult decision to give up call CEM’s dedicated Enquiries Team on 00441189214696 or employment to seek further qualifications for your future. The email [email protected]’. College of Estate Management (CEM) can help you over this problem with their specialist e-supported distance learning CEM’s course is competitively priced against other full time and courses. Through CEM you can convert your IPAV Certificate or part time options with tuition fees set at around £2,900 per year. Diploma into a University of Reading BSc. (Hons). CEM fees include all required learning materials including core text books and access to the extensive resources on a dedicated The CEM BSc allows you to retain your employment and Virtual Learning Environment. You are given a programme of advance your career at the same time. The scheme which has when work has to be completed by, but beyond that you are been operating successfully for a number of years provides free to organise your study time around your individual life style IPAV Diploma holders in Property Management and Valuation and commitments. with a maximum two years exceptions from the CEM delivered e-distance learning University of Reading BSc in Property Optional face-to-face teaching sessions are arranged in Reading Management. This leaves candidates with less than two years every year which you are cordially invited to attend. IPAV further study to obtain the BSc (which normally takes four years). students in the past have taken full advantage of these sessions More limited exemptions are also available to IPAV holders of the to network - academically, professionally and socially! Certificate in Auctioneering & Estate Agency. The course starts in December each year with an applications Anna Bishop, Head of Marketing at CEM said: deadline of 1st October. It costs nothing to apply and you can do so on-line at www.cem.ac.uk. So why not find out what you can ‘These exceptions are extremely generous and recognise the achieve! quality of candidates that hold a Diploma or Certificate obtained through IPAV. Any potential candidate who wishes to explore the Anna Bishop is at [email protected] options available to them as an individual are most welcome to

Autumn Issue | page 13 Education Courses

Ipav’s Autumn Continuous Professional Development (Cpd) Programme

This autumn, IPAV will resume its Continuous Professional • In addition, separate one-day weekend courses on Valuation Development (CPD) programme with the continuation of the are being organised for existing IPAV members. The first of formulised points structure for members. these was held on Saturday, September 10 at IPAV Head Office. A second is planned for October 8. This course carries Since their inception in Autumn 2008, many members have 3 CPD points. participated in the programme and it is hoped that many more will participate in the Autumn. Participation is again voluntary but it • Courses and private education must be verified by an is expected that it will become compulsory, following the passing authorised officer of that body or the Head of the relevant of new legislation by the Houses of the Oireachtas. department of the educational institution. The number of CPD hours allowed will be decided by IPAV’s CEO in conjunction In order to qualify, each member taking part will be required with the Education Advisory Committee. to have a minimum of 5 CPD points during the eight months from September 2011 to the end of April 2012. Those who • All members may qualify for 1 CPD point for professional successfully complete the programme will be awarded a reading material. However, the material read must be listed on Certificate. the form when being submitted to National Office. All forms duly signed and completed must be submitted to IPAV by April • Each Seminar attended by a member will carry a maximum of 30, 2012. 2 CPD points. Evidence of attendance must be signed by the member and counter-signed by the Chief Executive or by a IPAV Chief Executive Fintan McNamara said the topics covered person designated by him. by this year’s Seminars will include the Multi-Unit Developments Act, 2011, Health & Safety regulations, Professional Indemnity • There will be three Autumn seminars on relevant topics in Insurance and taxation issues. Portlaoise (Tuesday, October 4), Cork (Tuesday, October 18) and Galway (Tuesday, November 8). Details of the Seminars Mr McNamara said he wished to encourage as many members as will be sent to members shortly, along with an explanatory possible to again take part in the seminars as further proof of the leaflet and CPD form. Institute’s drive to be at the cutting edge of education.

Employees Dress Smart! read it for themselves. You should also include a confirmation that failure to follow the rules of the policy may result in disciplinary First impressions are everything in business and with this in mind, action. This way, your employees know that this issue is taken it is vital that your employees dress in such a way that fits in with seriously and it also makes them aware of the consequences of your company’s image. Dress code is also an issue of health and non-compliance. safety, as employees should be dressed appropriately to carry out certain jobs safely. But can you enforce a certain dress code on If, after the implementation of the dress code, any employees are employees? not observing the rules of the policy, you may need to take action against them in accordance with the policy. Peninsula Business Services will provide the answers to this and many more questions at IPAV’s Autumn CPD seminars. The first time that an employee comes into work in clothes not meeting your standards, a quiet word to them individually may It is perfectly legitimate for employers to tell employees to be the best course of action. Remind them of the policy and your dress in a particular way at work, says Tony Kerins, Regional expectation that they abide by it. Make them aware that further Manager (Ireland) of Peninsula Business Services. In some cases failures of this kind will result in further discussions and potential a particular kind of uniform is required in order to ensure the disciplinary action. health and safety of the employee. This may not be the case in every organisation but there may be equally good reasons to set That will hopefully be enough to get the employee back on track. minimum standards. If, however, the same happens again, you may wish to consider beginning a formal disciplinary procedure for continued ignoring of Where the appearance of an employee does become company rules. a problem, there are routes an employer can take to attempt to rectify it. Although the situation is not along There may well be reasons for the appearance of the employee the lines of gross underperformance of the employee, and these should be considered before deciding on what action or misconduct such as stealing or fighting, if you to take, but be careful to show consistency when dealing with set standards in your organisation an employee any incident of this kind – you should not show favour to should be expected to comply with them or face the one individual over another. consequences. Having problems getting employees to dress Ensure that all of your employees are made aware of appropriately in your workplace? Contact Peninsula’s the dress code policy and have the opportunity to Advice Service on 1890 252 923 for more advice.

Autumn Issue | page 14 Education Courses

IPAV Education Programme Recent developments in the market open new doors for those interested in property. Professional Practice and a commitment to Ethical Standards is the way forward.

Part-Time Weekend Lettings Course Higher Certificate in Science in Sustainably Building and Property The course covers all aspects of lettings HETAC Level 6 (2 years) Weekend Course IPAV Headquarters, 129 Lower Baggot Street, Dublin 2 NEW IPAV Headquarters, 129 Lower Baggot Street, Dublin 2 Certificate in Fine and Decorative Arts (1 year) B.Sc (Hons) in Property Management (3 years) Lectures held one evening per week By arrangement with the College of Estate Management (CEM) at IPAV Headquarters, 129 Lower Baggot Street, Dublin 2 Reading University IPAV certificate graduates may top up to degree level through their distance learning programme. Advanced Course in Fine and Decorative Arts (16 Weeks) Lectures held one evening per week Valuation Course (1 Day) IPAV Headquarters, 129 Lower Baggot Street, Dublin 2 The course covers all aspects of Valuation IPAV Headquarters, 129 Lower Baggot Street, Dublin 2 Full-Time Course Diploma in Fine and Decorative Arts (1 year) Lectures held three days per week IPAV Headquarters, 129 Lower Baggot Street, Dublin 2

Rents Stabilise In Second Quarter Of 2011 Rents across the country continued to stabilise in the second However, not all areas have seen static rents and the cost of quarter of 2011, according to the latest report published by accommodation for students still varies significantly around the the property website Daft.ie. In July, the average asking rent in country. Rents for double-rooms have fallen by 2-3% in many the country was €823 per month, the same level as twelve parts of the country, but rose sharply in Limerick city and in months previously. Letterkenny. The average cost of a double room in Dublin city centre is about twice the cost of renting in towns like Castlebar Rents in Dublin and Galway have remained static over the and Letterkenny. past twelve months, while they rose strongly in Cork city - by an average of 4.7%. In Waterford and Limerick cities, rents are Universities and IoTs: by average cost of double room about 2% lower than last year. Elsewhere in the country, rents are down by 2.6% on average. College Area Avg. Rent Year On Year

Commenting on the report, Ronan Lyons, Economist with Change Daft.ie said, “Recent years have shown a strong relationship TCD/DIT Dublin City Centre !485 -3.2% between the number of properties available on the market UCD/IT Tallaght South Dublin City !466 -0.2% and trends in rents. The total number of properties available DCU North Dublin City !398 -1.0% to rent at any one time in Ireland’s five major cities rose from IT Blanchardstown West County Dublin !372 -1.1% 6,000 on May 1st to 8,000 at the start of August. The increase NUI Maynooth Maynooth !352 -2.5% in numbers was pronounced in Dublin and unsurprisingly, UCC Cork City Centre !335 -2.9% having risen strongly for six months, Dublin rents stabilised in NUI Galway/ GMIT Galway City Centre !328 -3.2% the last quarter.” Cork IT Cork City Suburbs !326 0.3% Carlow IT Carlow Town !289 0.0% With Leaving Certificate results out in August, the latest figures UL / Limerick IT Limerick City !288 8.7% will make interesting reading for new and returning college Waterford IT Waterford City !271 -5.2% students. Having fallen for three years in a row between 2007 and 2010, rents are on average unchanged compared to IT Tralee Tralee !264 2.7% a year ago. Compared with 2008, students renting a two- Athlone IT Athlone !259 -1.1% bedroom property could expect to save €1,500 over the Sligo IT Sligo !255 -4.1% course of the academic year in many parts of the country and GMIT Castlebar !241 -7.3% up to €4,000 in some parts of Dublin. IT Letterkenny Letterkenny !235 7.3%

The full report is available from www.daft.ie/report and includes a commentary by Rachel Breslin, Welfare Officer of the UCD Students Union and a table of average rents near each of the universities and IoTs, as well as an analysis of affordability and statistics on residential yields around the country. Autumn Issue | page 15 Pensions Update

“Under Current Legislation…”

By Liam Doyle, Financial Advisor, Financial Consultancy Division, Canada Life

There was a time when the pace of Self-Employed Business Structure change seemed much slower. The recent reduction in reliefs – Net Relevant Earnings Ceiling / Our own pension industry is a great USC – means that fewer contributions will be eligible to be set example. For over 30 years there aside for future retirement planning. was little or no change. It was almost Executive and Company Pension Plans provide higher levels of predictable - an important ingredient potential contributions. you might say when it comes to pension planning. During this period the only real This is an opportunity for some self-employed clients to explore options at retirement were Tax Free Cash the advantages of incorporation (limited/unlimited status) and and a Pension. becoming an employee/shareholder.

Arguably, the Pensions Act 1990 heralded the first big change. Pension Mortgages Some years later we saw the introduction of Approved Retirement Funds, Personal Retirement Savings Accounts, increased Personal Again the reduction in both the Tax Free Lump Sum Ceiling and Contribution ceilings, Standard Fund Threshold and Maximum Tax the SFT, together with the increase in the AMRF requirement to € Free Lump Sums to name but a few. 119,800, and the possible USC on the after tax ARF, all give rise to a review of client requirements. The National Pensions Framework 2010 outlined a number The following example shows the difference in funding required of proposals across a broad range with various timeframes for for a pension mortgage pre and post-Budget 2011. implementation including; Consider a pension mortgage of €100,000. • Pension Tax Relief If we assume that the overall fund required to repay the loan • Retirement Benefits Options amount pre-2011 would have been €215,510. • Taxation of Retirement Lump Sums Post Finance Act 2011, the amount required would come to • Public Sector Superannuation Scheme €258,361 – a difference in fund required now of €42,850. • State Pension Ages This figure is based on certain assumptions and changes (e.g. • Auto Enrolment increase in AMRF requirement from €63,500 to €119,800) and • Simplification of Products each case should be looked at on the basis of the particular facts and circumstances. However, it illustrates the point that a review The impact of Budget / Finance Act 2011 has been much of each client’s requirements should be carried out following the discussed, implementing a number of short to medium term budget changes. changes. That frequently used note in client communications “under current Standard Fund Threshold legislation…” really means that clients will need more advice than ever before! The SFT was reduced from €5.4m to €2.3m and was effective from 7th Dec 2010. For further information, please call Liam Doyle on 087 9471017 or email liam.doyle @fcd.canadalife.ie If a client’s existing fund was higher than €2.3m, they should have applied for a Personal Fund Threshold (PFT) within 6 months of WARNING: The value of your investments may go down as well as up Budget day i.e. 6th June 2011. Important Information A PFT will be claimed by way of a Notification and Certification PLEASE NOTE THAT PENSION FUNDS ARE CURRENTLY NOT ACCESSIBLE procedure. PRIOR TO RETIREMENT Employer Sponsored PRSA Plans This document does not form part of any contract. The information contained in this document is based on current legislation and is, The introduction of the Universal Social Charge (up to 7%) on therefore subject to change. The contents are intended as a guideline employer contributions on PRSA plans has created a disincentive only and should not be construed as advice or an interpretation of the in favour of Executive and Group Defined Contribution Plans. law. The table used is an indication only of the Revenue funding rules and should not be relied on for retirement planning. You should always An opportunity to explore a more tax efficient alternative for those seek the advice of an appropriately qualified professional. involved. *Liam Doyle is tied insurance agent of Canada Life.

Autumn Issue | page 16 Property News Business organisation for affordable rates launches national campaign. A new national business organisation, Irish Employers for Mr Conran said: “We believe that the Government will be Affordable Rates (IEAR), which wants the government to reform receptive to our call for action. Our objectives will help protect the present local authority commercial rates system, was jobs and create new ones, help small firms survive and grow and launched in Dublin on September 7. get the economy moving. A fairer rates system will provide an immediate economic stimulus because reduced rates will provide Former Wexford hurling manager and All-Star recipient, John money for job support and investment in the business.” Conran, who runs a furniture design business in Rathnure, Wexford, and is chairman of the new body, said that commercial An independent report, Assessment of the Local Authority rates could be described as the silent killer of small business in Commercial Rates Issue for the SME Sector, by economist Jim Ireland. Rates levied on Irish businesses by local authorities had Power and commissioned by IEAR was presented at the launch. increased by 47% over the past ten years and now amounted The report states that local authority commercial rates now to an annual charge on business of €1.35 billion, which was not represented the biggest burden facing most small businesses, sustainable. and was increasingly forcing many small businesses out of existence altogether. As businesses closed, a large part of the He said: “Employers want fair play and will pay their fair share commercial rates base was eradicated. but we object to an inequitable system that has made the level of commercial rates genuinely unaffordable to many businesses The report says that the commercial rates system needs to be throughout the country – many of whom are already struggling to amended to recognise business realities. Alternative funding survive.” mechanisms must be created and the costs of running local authorities must be reduced. Local government must be IEAR has three objectives. rationalised in order to improve efficiency, reduce costs and eliminate duplication. The cost savings should be passed directly • It wants an amendment to the Valuation Act 2001 to allow back to the business sector in the form of lower commercial rates an employer to appeal a rates valuation due to a change in and other State charges. economic circumstances. IEAR originated as a group of Wexford business people who • The Government needs to take immediate action to reduce came together in March to seek the reform of commercial rates. the overall cost of Local Government, and The group attracted national interest and a series of regional rates reform meetings was organised during the Summer by other local • Financing of a reduced cost system of Local Government groups throughout the country. These groups, which have been should be much more broadly based than at present. established in all 26 counties, have now joined forces as a single IEAR will ask the Government to establish a review group national organisation. representative of experts and all affected interests to examine The objectives of IEAR have the formal support of ISME, RGDATA, the present rates structure, examine alternatives, including the Irish Hotels Federation the Licensed Vintners Association, the international practice and report back within six months with Vintners Federation Ireland, the Society of the Irish Motor Industry, recommendations for a fairer system. The Restaurants Association of Ireland, as well as a number of Chambers of Commerce and other business organisations. New Service Station Opens On The M7

Ireland’s newest motorway service area opened on June 17 on the M7 Motorway which links Dublin to Cork, Kerry, Limerick, Tipperary and Clare as well as a vast region of Ireland’s Midlands. The new motorway service area, called the Junction 14 Mayfield, is located on the M7 Motorway at Junction 14, which is better known as the Monasterevin junction on the country’s busiest motorway. Pictured at the opening of the Ireland’s newest Motorway Service Area Junction 14 Mayfield is a brand new independently-owned Junction 14 Mayfield Service Point on the M7 Motorway are the developers, Motorway Service Area that is the culmination of eight years of brothers Liam and Donal Fitzpatrick of Monasterevin. work and a €7 million investment by local businessmen Donal and Liam Fitzpatrick from Monasterevin, Co. Kildare. This is the Junction 14 Mayfield benefits from advance information signs first privately promoted Motorway Service Area to be built and on the M7 motorway in both directions and provides the most opened in Ireland. It is also the only motorway service area up-to-date motorway service point facilities for the discerning Irish that can be accessed from both sides of the motorway, both motorist and trucker. north and southbound, as it is situated at a full junction. Autumn Issue | page 17 Member Focus

Young IPAV member opens Limerick City Office

On June 1 this year, IPAV member Pat Dooley, who had run his own auctioneering and estate agency business from home, decided to bite the bullet and open an office in Limerick city. Tim Ryan paid him a visit at the end of July.

There he specialised in sales and added more experience to his CV. After a busy spell in West Limerick, Pat learned that GVM Marts were opening a property office in the rapidly developing town of Kilmallock and had posted an advertisement looking for an auctioneer. As it was much closer to his native Bruff, it was simply too difficult to turn down the job when it was offered to him.

At GVM Pat helped to grow the business by bringing in new clients from surrounding areas, including his native Bruff.

“There was tremendous expansion at the time and housing estates were beginning to appear all over the place,” Pat recalls. “It was an exciting time to be in the business. There was a real buzz about the place.” Pat Dooley outside his office on Cecil St., Limerick

It’s just over three months since young auctioneer Pat Dooley set up his own business at 4 Cecil St., Limerick. Although the property industry is in the worst recession in recent times, Pat is happy with his progress to date. Sales have been slow but he has had some and he combined this with some lettings and valuation. He also qualified to produce BER Certs and this brings additional income. His overheads are limited and, despite the current environment, he is still managing to grow the business slowly but surely. The Dooley Family outside their home A native of Bruff, Co. Limerick and the son of a farmer, Pat followed his older sister Marguerite into property education and While continuing to specialise in sales, Pat also got involved in a career in property. Marguerite (Stafford), now Advertising the livestock end of the business and began to help out with the Manager with the Irish Examiner, had completed the IPAV cattle sales. Certificate and Diploma course in Cork College of Commerce “It’s a totally different feeling when you are selling cattle (as before moving to complete her degree in the University of opposed to property) because it’s all so fast and furious,” he says. Glamorgan in Wales. Pat followed the exact same path, “Trying to wind down after lunch to try and negotiate a few sales graduating from Glamorgan in 2002. seemed a much tougher task after a morning of selling in the “I found the courses really interesting and useful,” he says. “The ring”. courses provided a good background but of course there is no The downturn in the property industry meant a downsizing at substitute for experience on the ground.” GVM and Pat decided to set up his own business, doing what he On returning to his native Bruff in 2002, Pat secured his first job knew best but doing it from his own home. Despite the recession, with Hickey O’Donoghue Auctioneers in Limerick city. he managed to establish a business which was sufficient to keep him going. He recalled that it was tough at the time when he got “I cut my teeth in that business where I mostly looked after rentals the news. He was half way through building his first home and and property management but it was a very good beginning and was getting married later that year. I learned a lot during that first year and a half.” “It’s ironic that with the times that we have I’m now back doing a lot of property “What doesn’t kill you makes you stronger,” says Pat! Despite management here in the city where it all kicked off”. finishing his tenure with GVM he recalls that he got invaluable experience from his time there and to this day has utmost respect Sales experience for Tom Crosse (director) and Philip Purcell (the then manager, now retired). The first signs of the boom years were already showing and Pat moved on to his next job with Michael Liston in Newcastlewest.

Autumn Issue | page 18 Member Focus

Since then, Pat has finished building his house, has married Prices in the Limerick area have, of course, fallen dramatically Margo O’Mahony from Castlegregory, Co. Kerry and the couple in recent times. A typical three-bed semi in a good estate that have a baby girl, Katie now 10 months. “A lot has happened in would have fetched €260,000 in 2007 is now lucky to reach such a short space of time,” he recalls. between €175,000 and €195,000. In the country area, a four- bed bungalow that would have secured €280,000 is now being Limerick City sold for around €190,000.

In the early Summer of this year he decided to move the The attitude of the banks is key to the problem, says Pat and until operation to Limerick city where he hoped to attract profile and they free up the availability of funds the market will not reach some footfall. He found good value in the Cecil St. area of the city anything like normal activity. which traditionally has housed the main auctioneering offices. Most of Pat’s sales today are coming from a chain scenario. A Offices, he agrees, are less and less important today and it is typical scenario which he has ongoing at present is the local exposure in the media – notably the IT media - that matters now. authority buying a three-bed semi where the owners are buying He places a high importance on advertising, primarily with web a four-bed semi and where the owners of the four-bed semi are portal Daft.ie, MyHome.ie and print media, the Limerick Leader buying a bungalow out the county. and Irish Examiner. “Daft.ie is by far my most important outlet,” he says. “It brings These sales, he says, are great and very welcome when they calls from the sort of people you want, those who are serious work out but the links on the chain do not always follow through about buying or renting.” and it can be challenging at times. These days Pat says there are far less time-wasters around and But it is a challenge Pat Dooley is prepared to take up. He knew those who come to viewings generally have the finance in place the property business in the very best of times and, given the first. proper incentives and monitoring, sees no reason why there cannot be a very viable and rewarding career in the industry for “Gone are the days when a couple would come along and after a those who wish to participate in the years ahead. few viewings might comment: “OK, so, we’ll go and have a chat with the bank manager and see what he says!”

Autumn Issue | page 19 Property Feature

Investing in BRICs and Mortar Economies

China’s Insatiable Demand For Natural Resources Is Turning Brazil Into The Darling Of The So-Called “Bric Economies” – And Its Real Estate Into Some Of The Most Desirable And Affordable In The World, Writes Peter Cluskey.

An extraordinary moment in What was also interesting about the last-minute US budget deal global geopolitics took place and the fallout from it was that it exposed the extent to which the on August 3 when China global economy is now divided into two distinct economic camps: issued a tough statement the US and those whose economic fortunes are inextricably criticising the Washington linked to it; and China, and the countries that have been growing political elite for bringing rich on the coat tails of its remarkable economic growth. the world economy to the brink of another collapse by As a result, there was lots of rehearsing in the European media of playing chicken over a cost- the old adage, “When America sneezes, Europe catches a cold”. cutting budget for the United China-watchers, on the other hand, noted how Beijing has been States. referring recently to what we call “the global economic downturn” as the “North-Atlantic economic crisis” – suggesting that its Beach life in North-East Brazil That statement was unique impact is geographically limited and not hugely relevant to the Far and surprising, not just in its East, for instance. language – which described the final deal as a “madcap farce of brinksmanship” and called on The simple fact is that while the US remains the world’s largest Congress leaders to show “some sense of global responsibility” – economy and China sits in second place, it is China which is in but in that it was issued at all by America’s biggest creditor. the ascendant, with the others of the so-called BRIC economies – Brazil, Russia and India – continuing to benefit in its wake. China has always been guarded about its foreign policy, with what appeared, until now, to have been a cast-iron rule that it would not interfere in the domestic affairs of countries with which it did business – on the basis that they, likewise, would turn a blind eye to their misgivings about China. Those misgivings over the years have largely been to do with human rights, most recently, for example, the detention of the artist, Ai Weiwei.

So, what made China deviate from its foreign policy norm? The answer is money. Holding more than $1 trillion in US Treasuries, China is the country that would have been hardest hit by a US default – and will not have been amused by Standard & Poor’s subsequent decision to downgrade the US’s credit rating from top-notch AAA to “AA+ with a negative outlook”.

While Chinese officials talk about diversifying the country’s foreign exchange reserve holdings of $3.2 trillion, analysts say China’s Ponta Negra Beach options are strictly limited because there are few markets outside the US that are deep enough or liquid enough to handle its massive foreign exchange purchases. So, while much of the global property market continues to Bound together languish in the economic doldrums or shows early signs of a timid recovery, it is those three countries, and user-friendly Brazil That being so, the two countries are bound together financially, in particular, which continue to offer the best prospects for long- and China clearly decided it was time to give a public lesson to term growth and capital appreciation. the international community about who was really in charge. What makes Brazil particularly attractive at the moment is the “The narrative that Beijing money has been financing the manner in which its economy is powering ahead – despite the United States has taken hold in a big way in China”, says Dr brief shock to the financial system which saw its Bovespa share Eswar Prasad, a Chinese scholar at the Brookings Institution in index fall 10 percent on August 9. Washington DC. “If the US is perceived to be using that money irresponsibly that won’t go down at all well in China.”

Autumn Issue | page 20 Property Feature

Seventh largest economy Beckham and Barrichello in Brazil! In March it announced that it had overtaken Italy as If you’re going to buy property in Brazil, or have clients looking for a worthwhile overseas investment, the place to head for is the north-east coast around the lovely the world’s seventh-largest economy, with growth of ocean-front city of Natal – officially the safest city in this enormous country of 203 7.5 percent in 2010, its strongest performance in 24 million people. years. There’s even been talk of it overtaking the UK and France to move up to fifth place, but that seems For the sun-seeker and the property investor it’s got a lot to offer: to depend on which measure of growth is used. u In terms of flying time, Natal is the Brazilian city that’s closest to Europe, a manageable medium haul of around seven hours It was because of the speed of that growth that u The biggest airport in South America is due to open in 2013 in Sao Goncalo Mario Gamero, Chairman of the merchant bank, do Amarante, just 11 kilometres away, with an annual capacity of 40 million Brazilinvest, moved recently to reassure investors passengers that the world’s fifth largest country was “not u It’s one of the host cities for the FIFA World Cup in 2014 – which is expected to experiencing a credit bubble.” give a major boost to already rising property prices And Mr Gamero said that given the strength u Its tourism marketing describes it alternately as the “City of Sun” of “City of the of China, the BRIC economies “would be the Dunes” – so apart from a healthy rate of return what more could you want? powerhouse of the world economy for years In preparation for the World Cup boom, former England captain and soccer icon, to come.” The greatest challenge now, he David Beckham, is currently in the process of building a new football academy in acknowledged, was worsening inflation. Cabo São Rogue, just outside Natal – which will include a 10,000-seat stadium, eight soccer pitches, as well as golf and tennis facilities. He’s right. The inflation rate is rising. It touched 6.08 per cent in the 12 months to mid-February, just shy Formula 1 of the Brazilian Central Bank’s target rate of 4.5 per No sooner had the sod been turned on the Beckham complex, than Formula I ace, cent plus or minus 2 percent. As a result, the Central Rubens Barrichello, was following suit and announcing plans for a motor racing school Bank increased its lending rate by 0.5 per cent, with – which aims to identify the next generation of super-skilled fearless young drivers. the aim of releasing some of the pressure. So let’s have a look at the real estate opportunities, starting just over an hour up the “We have a clear battle now between the Brazilian coast – north, that is – in São Miguel do Gostuso, famous for its wind and kite surfing. Central Bank and market players”, said Diego Here you can buy fully serviced 644-square-metre plots in the new gated Shamballa € Donadio, a Latin American strategist at BNP Paribas luxury condominium development for £29,000 sterling (roughly 33,000). in São Paulo. “This will last until we see inflation If you’d rather buy the actual bricks and mortar, a two-storey three-bedroom turnkey coming down and growth showing clearer signs of townhouse with a barbecue, a Jacuzzi, a plunge pool and a roof terrace, you can have moderation.” that for £98,000 sterling. The developers expec net rental income of eight percent per annum, with a management company in place to look after you. Building is In property terms, the effect of all of this growth is already underway. unprecedented demand – from a growing middle- Then there’s the Petropolis development of fully furnished two-bedroom apartments class taking out loans and mortgages at a record in the centre of Natal, with prices starting at £53,000 (roughly €60,000). The pace and from overseas investors who believe development has 86 units. You can invest with a deposit of £13,250 (roughly the BRIC countries, along with other non-Western €15,000), there’s a six percent net rental return guaranteed for four years, with a 10 locations such as Istanbul, for instance, are a real percent management fee. alternative to limp European, Mediterranean and And there’s Golden Fields in Capim Macio, just outside Natal itself, and just American markets. five minutes from Ponta Negra, the most famous beach in Brazil. Prices start at € Developers in Brazil launched on average 150,000 £59,000 (roughly 67,500) for a two-bedroom apartment with a sea view in a gated community of just 50 apartments – also with a six percent per annum rental new housing units a year during the Nineties, and guarantee for four years, which brings you up just beyond the World Cup. that has now risen to 800,000 units a year and is still growing. There’s always the option to invest in a rolling three-year Brazilian property fund with a minimum entry of €100,000. The Minha Casa Minha Vida – My House, My Life – “The biggest bottlenecks are being caused by fund is government-backed, with the aim of providing social housing for millions of developers themselves because they simply can’t families in a country estimated to have a housing deficit of seven million units today. marshal enough resources to meet all this demand”, said Zeca Grabowski, Chief Executive of PDG SA, the The fund is forecasting a return on investment of 30 percent per largest real estate company in Brazil. annum given that mortgages were only introduced here in 2007 and that the Banco do Brasil plans to double mortgage lending “It’s very far from a bubble, it’s real demand”, he this year from three billion to six billion reals – very roughly €1.5 added. “It’s people buying homes for the first time, billion to €3 billion. planning to live in them. And it’s overseas investors The economic clouds may still be hanging low over Ireland, but who have confidence that we are a strong economy in beautiful Brazil, where the beach is a way of life and that’s just beginning our journey. Everyone wants a soccer is almost a religion, there are clear skies as far as piece of that.” the eye can see. It’s the ultimate no news – no shoes!

Autumn Issue | page 21 Member Focus

Coping with the challenges of the property industry in Cork Survival is the name of the game for auctioneers and estate agents in the current downtown in the property market. Property editor Tim Ryan spoke to Cork IPAV member John Barry, who along with his two IPAV colleagues have downsized their office overheads and are meeting the challenges of the new environment.

When the going gets tough, the tough get going! This is the attitude adopted by Cork IPAV member John Barry who is a part of the team at the well-known Cork offices of Keane Mahony Smith along with fellow directors Anthony O’Regan and Darragh Taaffe.

The firm dates back to 1963 when it was founded originally in Dublin by Ted Keane, Denis Mahony and Des Smith. Over the next decades it opened its offices in many parts of the country. Today, there are Keane Mahony Smith offices in Clonmel, Dublin and Galway as well as Cork but they operate on an independent basis. The Cork firm has a long history in all aspects of the property industry throughout Munster, with agriculture being an integral part of its portfolio of interests.

John Barry joined the firm in 1999. A native of Waterfall, on the John Barry at his desk on Cork’s Grand Parade outskirts of the city he is the youngest of three. There was a slight There he became involved in all aspects of property in the lead connection with property in that his father, Jim Barry operated a up to and including the boom leads of the last decade. For most joinery business in the region. John attended secondary school of the decade the firm was extremely busy in the sale of all types at the well-known Presentation College on Western Road after of property and in “site building” or putting together suitable which he studied at Cork College of Commerce, graduating with a pieces of development ground for developers. Diploma. From there he went to Glamorgan University in Wales to gain his B.Sc. During this time he also kept on an eye on his old College in Cork and for a number of years acted as External Examiner on the He remembers his time in Cork College of Commerce with Valuation examinations. fondness and says the course was comprehensive and thorough. On arrival in Glamorgan, he says the Cork students were on a When the market took a downturn in 2009 Keane Mahony par with their UK colleagues generally but were a little behind Smith, which had been renting their spacious offices at 44,S outh in some topics. However, they quickly picked up on these areas Mall, decided to take account of the market and downsized their and the opportunity for operation. Recently they sold 44 South Mall for its owners and overseas education proved moved to more modest premises nearby at 35 Grand Parade. a huge asset. “The whole dynamics of the property industry have changed,” Having returned home says John. “You no longer need large spacious offices to impress after graduation in the clients. All potential clients now first see the property on the Summer of ’99, he quickly internet and only come to you when they have drawn up a short found a job with IPAV list of properties of interest. Today, the whole emphasis is on member Michael Galvin in having as wide as possible an appeal on the internet and to try to 36 St Finbarrs Park, The Lough, Glasheen Bandon. make every effort to make your property stand out from the rest.” Road, Cork - 3/4 bed semi detached on a large site sold by Keane Mahony Smith in “There I gained my first Keane Mahony Smith operate their own website www.k-m-s.com the region of €260,000 experience by doing but also advertise extensively on www.Daft.ie and offer clients an rentals and learning the option on www.MyHome.ie ropes as the new boy in the office,” he says. “But experience is vitally important in the auctioneering profession, along with the John finds that nine times out of 10 when he goes to a viewing, theory and I got my first steps on the ladder”. the viewer has already downloaded the brochure from the internet. From being pivotal to the sales process in former times, After six months in Bandon he secured a job with Keane, Mahony hard copies of brochures today provide a mere back-up facility, Smith at their then well-known offices at 44, South Mall in Cork says John. city.

Autumn Issue | page 22 Member Focus

Cork has been no exception He says the future behaviour of NAMA in relation to the sale of to the property collapse and properties, for example, will have a major bearing on the market prices have fallen in line with as will the availability of finance which is still the biggest factor in the national average. Recently, keeping the market depressed. for example, John closed a “On top of that, interest rates are likely to rise again, so it’s very sale on a typical 3-bed semi in difficult to guess what’s going to happen in the years ahead,” he the popular south city area of says. Turner’s Cross. It was guided at €235,000 but was sold for In the meantime, he sees a major role for IPAV in the provision of € 16 Green Lawn, Turners Cross, Cork 196,000. At peak he says increased CPD courses in areas of immediate interest including 3 bed semi-detached bungalow on a this house would have fetched current legislation, Valuation and related areas. Courses he has large site which sold for in the region of in the order of €360,000. attended in recent years including the Rural Seminar at Ballykisteen, €200,000 Co. Tipperary, he found of particular interest. A similar reduction has occurred in the commercial sector across Cork city and county where prices “I find membership of IPAV very useful as it keeps you informed as have fallen by between 50 and 55%. to what is happening all the time and it offers you the opportunity to exchange views with colleagues,” says John. “In effect, you are Keane Mahony Smith supplements its income with some lettings, learning all the time in your profession.” mainly for regular clients, and valuations for which it has built up a large database, including the two local authorities and Coillte to name Outside of work, John Barry has a busy family life. He got married but a few. last year to Breda Maher, a native of Kilkenny but whose father is from Tipperary. Breda is a first cousin of Tipperary hurler Eoin Kelly “But,” insists John, “there are buyers out there if you can find them and Limerick’s Niall Moran. if the price is right. My colleagues have seen evidence of plenty of “Therefore, at Championship time, Breda is a supporter of Kilkenny, money being hoarded out there by would-be buyers who are still Tipperary and Limerick – everybody but Cork,” he exclaims! afraid to dip their toe in the water.” For rest and relaxation, he himself likes to take part in clay pigeon Most of the buyers John has seen are first-time buyers or couples who shooting, a sport that is very much alive and thriving in the Cork area. are starting or wish to start a family and need a bigger house.

His advice to people who wish to sell is to do so now as we are still in unchartered waters and do not know what is coming down the line. Lifelong Learning For Millions

A new book by UK Professor Compliance rates by individuals relate closely to the types Andy Friedman offers the first of policies used by their professional bodies. For instance, comprehensive study on the 99% of professionals under a compulsory policy meet their subject of Continuous Professional CPD requirements; 60% of professionals under an obligatory Development (CPD). policy comply; and 38% under a voluntary policy meet their requirements. A fundamental change in the nature of professionalism is CPD has been significantly developing and shaping professionals taking place, a change in what it over the past few decades, but the subject of CPD has yet to is to be a professional and to be be noticed by mainstream media and the general public. Even recognised as one. though CPD is being carried out by 3.4 million professionals in the UK (26% of all professionals in the UK), it is rarely the In the past, to be a professional subject of government policy and only a very minor subject of was to have a qualification. academic inquiry. After years of study, and often an apprentice-like period of training, an individual would gain a • Prof Andy Friedman’s book CPD: Lifelong Learning of Millions certificate and a few letters after their name. Once achieved, the is the first comprehensive study of the subject of CPD. Starting qualification was in effect good for life. The doctor or accountant with a discussion on what CPD is, this book analyzes how or engineer was ‘qualified’ to practise until retirement. professional bodies govern CPD, what support they provide to individual professionals and how they measure or evaluate This is changing. In today’s world, professionals such as what individuals do under the provenance of CPD. The book is auctioneers and estate agents, are increasingly required to published by Routledge. demonstrate a perpetual commitment to Continuing Professional Development (CPD) in order to be allowed to practise. CPD is • The Professional Associations Research Network (PARN) is a the means by which professionals ensure that their knowledge non-profit membership organisation for professional bodies, and skills remain up to date and relevant to changing needs and offering expertise, experience and perspective on key issues in environments. the sector through research, consultancy, networking, events and training. IPAV is a member of PARN. The Professional Associations Research Network (PARN) found that 81% of professional bodies have a formal CPD policy.

Autumn Issue | page 23 Feature Article

Taking Time Out To Reflect In Glenstal Abbey

The monastic abbey of Glenstal in Co. Limerick provides an ideal location from which to escape the stress of daily living. The Benedectine Abbey has a simple but welcoming guesthouse where people can stay for a night, or a few days, to take time out to listen to the monks chanting and singing and to relax in the wonderful surroundings of the Abbey estate. Property Professional editor Tim Ryan spent the August Bank Holiday with the monks.

It’s 6.30am on Monday August 1st and to the casual observer the tiny village of Murroe in the north-east corner of Limerick is silent as the residents enjoy some extra sleep on the Bank Holiday weekend. But just a mile away, at the top of a wonderful winding avenue that boasts some specimens of ancient Irish oak trees, the monks of Glenstal Abbey, led by the sixth Abbot, Mark Patrick Hedereman, are already gathered in their church and chanting Lauds and Matins to mark the dawning of a new Monday.

There are only four lay people in the congregation, guests from the Abbey’s Guesthouse where members of the public are invited to come and stay and gain a unique insight into the life of this community, still living out the rule of St Benedict in the 21st Century.

Glenstal Abbey itself has an interesting history. Noted for many The entrance to Glenstal Abbey outside Murroe, Co. Limerick years for its famous boarding school, it was originally built by with a Windsor-style round tower, all fronted with an impressive the Barrington Family, most famous for founding the hospital in facade and Norman gate-house. The main building faces south, Limerick City which still bears the name. and commands an unbroken view of some thirty miles towards The village of Murroe has one other claim to distinction, in that the Galtee Mountains. It is built on a height of some three it must be the only village in Ireland which, up to recent times, hundred feet above sea-level and can be seen from many miles had only one public-house. The Barringtons, apparently, were away responsible for this particular restriction too! The last of the Barringtons to live in Glenstal was Sir Charles The word Glenstal means ‘The Glen of the Stallion’ and is an who eventually sold it to a Catholic priest, Monsignor James English rendition for the Irish Gleann Stail. The glen itself is a very Ryan who planned to turn the Castle into a monastery. It was impressive geological feature, consisting of a mile long valley the Professor of Church History at St Patrick’ College, Thurles, Fr formed during the ice age. Richard Devane, who first suggested to the Archbishop of Cashel, Dr Michael Harty that Glenstal would make an ideal site for a Barrington Family Benedectine monastery. Contact was made with the Abbey of Mont César, Louvain and three monks arrived to inspect Glenstal Glenstal Castle itself was built with local red sandstone by in November 1926. In May the following year, the first Belgian the Barrington family in the 1830s and caused an influx of monks arrived to take up residence in Glenstal Abbey. tradesmen and artisans who settled near the entrance to the estate, thereby forming the nucleus of the village of Murrow. The Benedictine monks of Glenstal Abbey take their name from their original founder, St Benedict. Benedict was born in the year The Barringtons were an Anglo-Norman family who settled in 480, in the province of Nursia, Italy. The Roman Empire had Limerick City at the end of the 17th Century. They had various come to an end only four years before, in 476, and thus the commercial interests but prospered mainly through their copper young Benedict grew up in a country where the decay of the old foundry and clock-making business. Roman civilisation was in evidence everywhere.

In 1833 Sir Matthew Barrington commissioned architect St. Benedict can be said to have saved the monastic institution William Bardwell to design Glenstal Castle and the first part was from decline by introducing a number of essential elements. completed by 1839. Glenstal is a Norman Revivalist Castle, First of all, he insisted on his monks taking a vow of stability.

Autumn Issue | page 24 Feature Article

This meant in practice that they tradition, the two most cherished times for prayer are in the should reside and persevere in morning (Lauds) and in the evening (Vespers). At Lauds the the monastery they had joined. monks consecrate the day to God, recalling and celebrating the He did not approve of those light of Christ who visits us like the dawn from on high. monks who were continually travelling from monastery to The monks return to the chapel for convention Mass at 12.10pm monastery. Secondly, he insisted and again at 6pm (Vespers) and 8.35pm (Compline). At Vespers, that his monks – at least those remembering that Christ’s light will never die, the monks give who could read – would spend thanks for the day that is past, praising the God who has done some time, each day, in what great things for them. The tradition of the Church has also given he called ‘Lectio divina’ (Holy them the office of Compline, in which they commend to God’s Reading). Many of Benedict’s protection before they go to sleep. fellow monks were ignorant of the Sacred Scriptures and the Icon chapel The impressive interior of Fathers of the Church. Benedict the church in Glenstal In the crypt of the church is the famous Icon chapel with Orthodox set out a certain time each day icons, designed by the architect, Jeremy Williams. It is a unique for study and reflective reading. sacred space reminding all that monasticism has its roots in the Christian east. Thirdly, Benedict believed that monks, especially younger ones, needed guidance and discipline. His Rule is not a severe one, but rather inspired by discretion and prudent moderation. He wished to arrange everything in the monastery so that the strong might have something to strive for, while the weak ones would not be driven away. The Rule is a wonderful harmony of wisdom, good sense and firmness. Arts and Crafts School On October 1, 1928, the monks, now firmly installed in Glenstal, opened a small school for Arts and Craft, the precursor to what was to become a very famous boarding school for boys. The present school was officially opened in 1932 and started with just The Guesthouse at Glenstal Abbey seven boys.

In recent years a special guesthouse was built and provides Outside the Abbey grounds provide a variety of interesting accommodation for up to 20 people. The guesthouse is run on features. The grounds contain a great variety of trees and flowers, a donation basis, which funds the operation and maintenance mostly planted during the Eighteenth and Nineteenth centuries. costs of the facility. The monks are grateful to those who make Most impressive of all are the Rhododendrons which flower in additional gifts beyond the suggested offering (€70 per night), great profusion during the months of May and June. which allows them to extend hospitality to others. In accordance with the Benedictine tradition , the Abbey welcomes guests Also worth noting are the fine oak trees which are said to be in regardless of their ability to pay. The current Guestmaster is former some cases specimens of the primeval oak forest which once Abbot, Fr Christopher Dillon. covered most of Ireland. These can be seen as you drive up the front avenue. Among these oak trees is the famous Ilchester Oak, The current abbot, Fr Mark Patrick Hederman is a philosopher and on the left of the avenue, opposite the first lake. There are five writer of some renown. Every year since the turn of the century he artificial lakes in the grounds, mostly stocked with trout. For some has published a book, each of which tries to clarify an aspect of years now the property has been a wild-life sanctuary. how Man relates to God. In his most recent publication, Dancing with Dinosaurs* he tries to explain how people must learn to live Visitors will be interested in the Seventeenth Century Italian- with modern-day dinosaurs – the multinationals, the banks and, of style, walled terraced garden, which was laid out between 1679 course, the Catholic Church. and 1680. This is modelled on a similar terraced garden in the Stepney estate in Wales. Within the last 10 to 15 years, the garden “There is no point in moaning about their existence or suggesting has been restored to its original splendour. that you are not prepared to play the game of life until they are all removed from the playing pitch,” he writes. “They will be The Guestmaster is always happy to answer any queries here long after your protest has ended. Those of us who plan to from visitors and a special feature of a visit to Glenstal is the continue, have to learn how to dance with the dinosaurs rather opportunity to share their evening meal with them - but in the than allow them to crush us.” Benedictine tradition of silence.

Spending a day at the abbey allows the layperson to sample Full details about Glenstal Abbey can be seen on their website monastic life if only for 24 hours. The monks rise at 6am and www.glenstal.org . For bookings in the Abbey Guesthouse simply are in the chapel for Lauds and Matins at 6.35am. In Christian e-mail [email protected] *Hederman, Mark Patrick (2011) Dancing with Dinosaurs, Columba Press

Autumn Issue | page 25 In the Dáil

IN THE DÁIL The following is a selection of written Dáil replies to TDs in the new Dáil on topics of interest to auctioneers and estate agents:

Home Choice loans Scheme Minister of State at the Department of the Environment; Community and Local Deputy Ray Butler (FG, Meath West) Government (Deputy Willie Penrose): asked the Minister for the Environment, Section 33(2)(c) of the Planning and Community and Local Government the Development Act 2000 makes provision number of mortgages provided and the for a person to make a submission or total amount of mortgage funding lent observation on a planning application on through the home choice mortgage payment of the prescribed fee and within scheme; the total cost of establishing the prescribed period. Under the Planning this scheme; the running costs to date, Regulations the prescribed fee is €20 and Deputy Sean Fleming (FF, Laois-Offaly) inclusive of salaries paid. the prescribed period is 5 weeks beginning asked the Minister for the Environment, Community and Local Government the Minister of State at the Department of on the date of receipt of the planning impact of his policies on conditions that the Environment, Community and Local application by the planning authority. Where attach to grants of planning permission by Government (Deputy Willie Penrose): To a submission or observation (other than planning authorities where such conditions date 10 Home Choice Loans have been from a prescribed body) is received outside refer to planting of native species and where issued, with a total value of €2,007,080. A of this period, or is not accompanied by the € the definition of native species can be further 6 Home Choice Loans have been 20 fee, the planning authority returns the obtained so that planning conditions can be approved but not yet drawn down with a submission and notifies the person that his implemented. total value of €1,192,840. or her submission or observation cannot be considered. I have no plans to amend the Minister of State at the Department of The total cost to date of administering the Regulations in this regard at present. the Environment, Community and Local scheme is approximately €305,925. These Government (Deputy Willie Penrose): The costs include the setting up of the central Deputy Robert Dowds (Lab, Dublin attaching of conditions to a grant of planning processing unit (CPU) within the Housing & Mid-West): asked the Minister for the permission and the terms of such conditions Sustainable Communities Agency (HSCA), Environment, Community and Local are a matter for the planning authority formerly the Affordable Homes Partnership. Government in view of the fact that concerned, having regard to statutory The costs were met fully from within existing current legislation states the removal of requirements, Government policy and resources within the HSCA. A significant site planning application notices is at Ministerial guidance, where appropriate. element of the staffing costs was incurred the discretion of the applicant, if he had in the development of the loan processing any plans to provide legislation for the While my Department does not provide model which applies to the Home Choice removal of site planning notices after specific guidance to planning authorities as Loan but which has also now been used the period of planning application has to the types of native trees that should be in the development of revised systems for elapsed and a decision on the application planted as part of a condition of permission, processing and credit checking of standard has been taken by the local authority. I understand that some local authorities local authority house purchase loan Minister of State at the Department of identify particular native tree and hedge applications under other schemes such as the Environment; Community and Local species which can be used in their area, in tenant purchase, shared ownership etc. The Government (Deputy Willie Penrose): development plan policies, planning forms HCL scheme is intended to be a temporary Article 20 of the Planning and Development and public information sheets. Further advice one which will be withdrawn once conditions Regulations 2001 provides that a site notice in relation to the identification and listing of in credit markets return to normal patterns. shall be maintained in position on the native species may also be obtained through Coillte’s Woodland Restoration Programme Planning Laws land or structure concerned for a period of 5 weeks from the date of receipt of – information can be found on the website - Deputy Joe Carey (FG, Clare): asked the planning application by the planning www.woodlandrestoration.ie. the Minister for the Environment, authority, shall be renewed or replaced if it Ground Rents Community and Local Government the is removed or becomes defaced or illegible rationale behind the provision of the within that period and shall be removed Deputy Aodhán Ó Ríordáin (Lab. Dublin facility whereby under the planning by the applicant following the notification North-Central) asked the Minister and development regulations 2001-10, of the planning authority decision on the for Justice and Equality the position only an applicant and not an observer planning application under article 31. I have regarding the issue of existing ground or objector may submit unsolicited no proposals to amend the legislation in this rents. additional information on a planning regard. application before decision.

Autumn Issue | page 26 In the Dáil

Minister for Justice and Equality (Deputy under the Valuation Act 2001. The levying dwellings in question and the prosecution Alan Shatter): The position is that section 2 and collection of rates are matters for each of offenders for non-compliance with the of the Landlord and Tenant (Ground Rents) individual local authority. registration requirement. Act 1978 prohibited the creation of new Under the legislation the person liable The PRTB publishes statistics in relation leases reserving ground rents on dwellings. for payment of rates is the person in to its enforcement actions in its Annual As regards existing leases, Part III of the occupation of a rateable property on Reports which are available on its website Landlord and Tenant (Ground Rents) (No. the date of the making of the rate by www.prtb.ie. The most recent Annual Report 2) Act 1978 made provision for a statutory the relevant local authority. The owner currently available is that for the year 2009. scheme whereby any person could, at rather than the occupier may be liable for reasonable cost, acquire the fee simple in Deputy Thomas P. Broughan (Lab. Dublin commercial rates if the property in question his or her dwelling. The scheme is operated North-East) asked the Minister for the is unoccupied on the date of the making by the Property Registration Authority and Environment, Community and Local of the rate. Should a person’s occupancy over 80,000 applicants have availed of it Government his views on strengthening the commence after the date of the making of since 1978 to acquire the freehold title to powers of the Private Residential Tenancies the rate then that person is not primarily their property. Board to address the ongoing problem of liable for rates for that year. However, as a rogue landlords. As regards property other than dwellings, subsequent occupier, that person can be the Landlord and Tenant (Ground Rents) held liable for up to two years arrears of Minister of State at the Department of Act 1967 contains provisions which allow rates if they cannot be recovered from the the Environment, Community and Local individuals, on application to the Circuit person with whom the primary liability lies. Government (Deputy Willie Penrose): Court, to acquire the fee simple in their The obligations of landlords and tenants My Department continues to keep all property subject to the provisions of that in the private rented residential sector matters relating to commercial rates under Act. A High Court judgment upholding are set out in the Residential Tenancies regular review. the constitutionality of the ground rents Act 2004 which provides the main legislation was delivered in early 2006 but Private Rented Accommodation legislative framework for the sector and, in was subsequently appealed to the Supreme particular, for the operation of the Private Court. The appeal has since been heard Deputy Thomas P. Broughan (Lab. Residential Tenancies Board (PRTB), the and the Supreme Court has reserved its Dublin North-East) asked the Minister independent statutory body charged with judgment. The operation of the law in this for the Environment, Community and the administration of the Act and the area continues to be monitored in my Local Government the number of cases enforcement of those obligations. that have been taken by the Private Department. Breaches of landlords’ obligations may Residential Tenancies Board against be referred to the PRTB in the context of Commercial Rates landlords for breaches of regulations in applications to it for its disputes resolution 2009, 2010, and to date in 2011; the Deputy Sean Fleming (FF, Laois-Offaly) services. The PRTB may then issue number and the percentage of these asked the Minister for the Environment, directions regarding those obligations in cases in which breaches were found to Community and Local Government if its Determination Orders and, in the event have taken place. local authorities are under a statutory of non-compliance with the Orders, it may obligation to levy rates on property Minister of State at the Department of pursue enforcement via Court proceedings. used for commercial purposes on a the Environment, Community and Local My Department conducted a review of the temporary or infrequent basis such as Government (Deputy Willie Penrose): I Act in 2009 with a specific emphasis on country markets, pop up shops or other have no function in the operational matters whether the Act best supports the PRTB’s temporary units that open up for various of the Private Residential Tenancies Board key functions and whether legislative occasions such as Christmas and Easter. (PRTB), an independent statutory body amendments would support either the established under the Residential Tenancies Deputy Michael McCarthy (Lab., Cork achievement of additional operational Act 2004. South-West) asked the Minister for the efficiencies by the PRTB in the delivery Environment, Community and Local The Act makes provision for enforcement of those functions or the broader good Government the legislative position with by the Courts of Determination Orders working of the private rented sector. The regard to landlords and outstanding made by the PRTB. If the Board or a party outcomes of the review were announced rates owed to them by previous tenants; mentioned in a Determination Order is by my predecessor as Minister of State and, if new tenants are obliged to pay such satisfied that another party has failed in April 2010, the Government approved fees. to comply with one or more terms of the preparation of the Heads of a Bill to that order the Board or the mentioned deliver on the review’s recommendations. Minister for the Environment, Community party may make an application to the I am at present evaluating those and Local Government (Deputy Phil Circuit Court in accordance with section recommendations and associated legislative Hogan): Local authorities are under a 124 of the Act. The Act also provides for proposals and I intend to submit proposals statutory obligation to levy rates on any the enforcement of tenancy registration in that regard to Government in the near property used for commercial purposes requirements, specifically sections 144 future. in accordance with the details entered and 145, which provide for the issuing of in the valuation lists prepared by the notices to landlords and/or occupiers of the independent Commissioner of Valuation

Autumn Issue | page 27 The Last Word

Seizing The Moment

By Peter Brady, Chairman, IPAV Education Advisory Committee

Members will be aware that the Institute places a high value on • The Higher Certificate is assessed by LIT and is HETAC education and has continuously sought to develop and improve approved educational opportunities for members, the public and anyone • It is a level six award on the National Framework of interested in a career in property. IPAV is proud of its open Qualifications access policy and its conviction that knowledge of property is an • It provides an opportunity to progress to level eight award advantage to everyone- lay and professional. (Honours Degree) Collaborative Activity • It is ideally suited to those already working in the business as the third year of the award is work based. In 1991, the Institute launched its own dedicated education programme designed to meet the needs of an emerging market Course Content and a perceived desire by students who completed the Leaving Certificate Examination. The award, thus developed, was the The content is designed to meet the specific needs of those result of collaboration between the Institute and Cork College of working in the valuation, sale and management of residential Commerce and was to prove enduring and successful. property. The subject matter in Stage 1 of the programme covers Property Valuations, Land Use Planning Principles, Construction In 1993, the Institute signed a Memorandum of Understanding Technology, Conservation and Architectural Heritage, Building (MOU) with the University of Glamorgan in Wales for the delivery Systems, Building Regulations and Property Law. of an Honours Degree in Estate Management, thus instigating a long tradition of collaboration with established and reputable The second Stage builds on the knowledge gained in the first educational institutions for the provision of quality driven and and the focus is on Built Environment Law, Economics for relevant qualifications. Construction, Building Pathology, Investment Valuations, Planning for Development, Statutory Valuations, Development Valuations The experience gained in the negotiation of the agreement and Integrated Project, Estate Agency Practice/Property Marketing and the consequent delivery of the programme proved invaluable. Construction Technology Commercial/Industrial. . The Institute is comfortable with collaborative arrangements and recognises the considerable advantages they confer on This comprehensive award provides the foundation on which to the Institute itself and the students who graduate from the proceed to higher awards, should a candidate wish to do so. The programmes. Indeed a feature of the existing collaborative award is a joint award of LIT and IPAV. arrangement with the University of the West of England is the For anyone seeking a degree award the third stage is work placed degree of specialisation pursued by students. It is apparent and the advantages are obvious. The final stage is delivered that graduates choose to concentrate on specific aspects of the through formal lectures and assessments. property market after graduation by undertaking post-graduate awards available in the School of the Built Environment. Commitment Higher Certificate in Science in At this time, when the entire public is caught up in the frenzy Sustainable Building and Property associated with Leaving Certificate results and college places, it is obvious that the Higher Certificate offers anyone interested a (Level 6) quality award at an affordable fee. And so it is that IPAV is now entering a new and exciting While subject matter may appear daunting, the advantage collaborative arrangement with Limerick Institute of Technology of experience cannot be underestimated when faced with a (LIT) that is sure to benefit existing and intending members of decision about entering an educational programme. Some the Institute. The Higher Certificate in Science in Sustainable fear the prospect of lectures and especially the prospect of Building and Property is a new HETAC level six award that is assessment but it is well to remember that a significant purpose sure to satisfy the requirements of those who would like a formal of any programme is to understand practice. qualification in property that will meet the new demands of regulatory authorities and the market. So, there is little need for anxiety. Take the first step to a brighter future and contact IPAV today. Information and appropriate forms Under the arrangements negotiated with LIT, the programme will may be obtained by making a simple enquiry. be delivered in IPAV offices in Lower Baggot Street, Dublin on a part time basis, with lectures delivered every alternate Friday and Contact: 01 6785685 Email [email protected] Saturday, commencing in September and concluding in May. It is a wonderful opportunity for members and should be carefully considered for the following reasons:

Autumn Issue | page 28 The Residential Tenancies Board is the regulatory authority for the private rented sector established under the Residential Tenancies Act 2004. Bord Um Thionóntachtaí Cónaithe Príobháideacha Private Residential Tenancies Board Notice to LANDLORDS REGISTERING YOUR TENANCIES Private Residential tenancies must be registered with the Private Residential Tenancies Board (PRTB) within one month of the commencement of the tenancy.

If a tenancy is registered within one month from the date the tenancy begins the Registration fee is `90. After one month the registration fee is doubled. Please see the PRTB website, www.prtb.ie, for more details of the registration fees. Tenancies can now be registered online at www.prtb.ie Registration is a legal requirement. Failure to register may result in a fi ne of up to `4,000 and / or up to 6 months imprisonment.

The website, www.prtb.ie, also contains answers to frequently asked questions, including information on the rights and responsibilities of both landlords and tenants.

DISPUTES The PRTB operates a supportive, user-friendly and accessible Dispute Resolution Service for both landlords and tenants who fi nd themselves in dispute over aspects of tenancies.The PRTB’s service is available nationwide.

For further information contact: PRTB, P.O. Box No. 11884, Dublin 2. Tel: (01) 6350600 Fax: (01) 6350601 Bord Um Thionóntachtaí Cónaithe Príobháideacha Private Residential Tenancies Board E-mail: [email protected] www.prtb.ie LET US TAKE THE HASSLE OUT OF LETTING YOUR PROPERTY.

Make the most of your property investment and let with RAS. We can guarantee your rent with no vacant periods for a minimum of four years, no advertising costs and no need for any rent collection on your part. We even screen your tenants as part of our service. It really is the smarter way to let. Call us on 222 5299 or log onto www.dublincity.ie for details on how to let your properties the hassle-free way.

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