New scheme targets property over shops

The Government has tonight launched a scheme that offers property owners tax incentives for residential use of empty space over…

The Government has tonight launched a scheme that offers property owners tax incentives for residential use of empty space over thousands of shops nationwide.

Housing and Urban Renewal Minister Mr Bobby Molloy said: "We can no longer afford to allow this room at the top to become increasingly derelict, particularly at a time when we are facing strong demand for residential accommodation in our cities.

"This scheme will help unlock the residential potential that exists over shops in many of the key streets of our major cities."

The project starts from tomorrow and runs until the end of 2004 in listed streets in five cities - Dublin, Cork, Limerick, Waterford and Galway.

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Mr Molloy said: "We can now look forward to the redevelopment of living streets in the areas designated."

PA