The Mayo News

Commercial rental/sales collapse predicted for Westport town centre


Áine Ryan

With up to 20 retail premises lying empty in Westport as the Christmas season approaches, a leading local businessman has warned that rent and sale prices will collapse in the next two years. He has also predicted the closure of many shops throughout the county within the same timeframe.
Speaking to The Mayo News at the weekend, Mr Don McGreevy, an auctioneer and retailer, revealed he had been approached by a number of prospective new shopkeepers about opening small businesses in the town in recent weeks. However, prohibitive rents had forced them to walk away.
“A lady who wished to open a small Cheesemongers and Delicatessen in central Westport had to walk away after she was quoted €450 to €520 rent a month. Another lad from County Mayo wanted to open a photographic and sculpture art studio but couldn’t find an acceptable rental,” Mr McGreevy said.
“I can understand that people who bought thesae properties in the last six to eight years and paid too much for them, now need some return. But I further predict that the sale prices of properties will drop dramatically in the next 18 months in Westport and then after that the rents will come down,” he also said.
Don McGreevy also said that local authority rates were exorbitant.
“Rents are one thing but rates have increased out of all proportion. There is no point in cheap rents, if the rates continue to be prohibitive. Anybody who has developed a property in the last ten years has had it revalued,” McGreevy continued.
“In some cases rates are equal to rents. I also predict that we will have many, many shops throughout County Mayo closing in the next 18 months,” he added ominously.
However, Mr McGreevy did concede that ‘to be fair, some landlords are negotiating with prospective tenants’.
Meanwhile, Mr Danny McLoughlin, President of Westport Chamber of Commerce (pictured) told The Mayo News that: “In these difficult times, I would expect that property owners would actively negotiate rents with prospective tenants.”
Continuing, Danny McLoughlin said: “Overall average commercial rates across the country have increased by greater than 50 per cent since 2000. There was no increase in Westport in 2009. The chamber is hoping to meet with local councillors in the coming weeks to effect a reduction in local rates for 2010, given the external business climate.”
Last week the town’s Chamber of Commerce launched an innovative and creative initiative Shop‘n Spraoi: Margadh Mór Mhaigh Eo, which will be held from the 11ú to the 13ú Nollaig. The fair will be held on the town’s scenic Mall and will showcase producers and craftspeople from all over the county.

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