Budget must back radical plan to end vacancy in Dublin city centre – Geoghegan

Government must use October’s Budget to back a radical plan to bring people living back into Dublin’s city centre by tackling vacancy above shops, Fine Gael TD has said.

Deputy James Geoghegan, Fine Gael Dublin spokesperson said: “A Special Purpose Vehicle (SPV) is being set up to implement the Dublin City Taskforce recommendations, but unless it is given real powers in this Budget it runs the risk of becoming another talking shop. Government should legislate now to give it sweeping legal and financial tools to make it attractive to turn vacant units into homes.

“Bold, time-limited tax incentives and bespoke above the shop regulations could unlock hundreds of high quality apartments within a few years, right where we need them most. More people living in the city centre means a safer, more vibrant Dublin, and retrofitting these units is greener and cheaper than new builds.

“We have seen this model transform cities, both in Ireland and abroad. The Temple Bar redevelopment was conducted via an SPV. One of the world’s most successful urban regeneration projects was carried out in Liverpool by the Merseyside Development Corporation. While neither example can be cut and paste to Dublin in 2025, there is a huge amount we can learn.”

Deputy Geoghegan identified two major barriers to above the shop living: “Current incentives are too weak, and our regulations are far too strict. A café on Parnell Street converting upstairs into flats should not face the same rules as a brand new apartment block. The SPV must be empowered to fast track both tax incentives and conversion approvals.

“Dublin does not need another pilot scheme it needs delivery. With around 90,000 such units vacant nationwide, getting this right in our capital could transform towns and cities across Ireland. The upcoming Budget is the moment to act,” he concluded.