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  • 649912Daft ID
  • 464.50 m2Area

Superb opportunity to purchase one of the longest and oldest business premises in Waterford dating back to the 1700’s. The Jade Palace Restaurant comes to the market in one of the most sought after locations of the city opposite The Tower Hotel adjacent to Reginald’s Tower and is located on Waterford’s Viking Triangle. The premises can be bought as a restaurant/pub or an investment which would suit a number of businesses. The premises has a full 7 day publican licence. BER exempt. Timber sash windows. Oil fired heating. The buildings comprise of 5,000 sq ft of accommodation over four floors. Bar/ lounge on ground floor. 100 seater restaurant on 1st floor with fitted industrial kitchen and ladies/ Gents Toilets. Overhead offices/ accommodation. Business open as usual but immediate possession is available.

Living City Initiative

The Jade Palace is included in Waterford Councils Special Regeneration Area (SRA) (See attached) as part of the Governments Living City Initiative (LCI). The jade is also included on the Councils Protected Structure list (also attached).
The LCI offers two types of relief, one for residential use and one for commercial use.
The LCI offers tax relief for expenditure incurred on the refurbishment or conversion on the restaurant. So if a buyer wants to buy the restaurant and do it up he can claim back a large amount of the cost of the renovation works in the form of a Capital Allowance.
The Capital Allowance is paid back over 7 years (15% for 6 years 10%on 7th year).
The premises must be used, after refurbishment/conversion, for retail purposes or for the provision of services within the state.
I have attached 2 examples of how it could work. Example 1 is where the buyer spends 254,841 on doing up the restaurant into a pub. Example 2 is where the buyer spends the same amount (254,841) and converts the Jade into apartments and subsquentially rents them out.
Example 1:
The buyer will be able to claim back 23,608 from his expenditure of 254,841
Example 2:
The buyer/landlord will be able to claim back 85,216.40 from his expenditure of 254,841

Useful links:
http://www.revenue.ie/en/personal/living-city-initiative.html
http://www.revenue.ie/en/tax/it/leaflets/living-city-initiative.html
http://www.waterfordcouncil.ie/departments/economic-development/living-city-initiative/index.htm