Bannon adds Citywest Shopping Centre to its impressive retail property portfolio

/in , , , ,

Date 31st May 2022: Retail property market leader, Bannon, has been appointed by Ardstone to manage Citywest Shopping Centre.  This is the latest in a series of new wins for the firm.

The Citywest area was launched in the 1990s with the building of the business campus and hotel, the largest in the country.  The development, was followed by an explosion of residential property, with planning in place for additional houses and apartments.  In 2007 Citywest Shopping Centre was opened with retail units varying in size from 816 to 7,502 square feet.

Bannon is Ireland’s largest, domestically owned commercial property consultancy firm.  It manages over 50 retail shopping centres and retail parks across the country, covering seven million sq.ft. of commercial real estate worth c. €2 billion.  As market leaders, Bannon has advised and managed the country’s most notable retail spaces in the last thirty years such as Stephen’s Green S.C., Dundrum Town Centre, Blanchardstown S.C., Swords Pavilions. and The Square Tallaght.

Commenting on the new addition to their portfolio, Director of the Bannon Property Management team, Ray Geraghty said “Bannon are delighted to be working with Ardstone on what is another very significant shopping centre instruction. This instruction is further validation of the unrivalled expertise which the Bannon property management team possess. We are looking forward to bringing this experience to bear over the coming months which will be particularly relevant given the proposed residential development which Ardstone have planned for the site adjacent to the shopping centre.’’

For further information contact: Ray Geraghty Email: rgeraghty@bannon.ie Tel: 01 6477900.

Neil Bannon joined Newstalk Bobby Kerr on Down to Business

/in , ,

Neil Bannon joined Newstalk Bobby Kerr on Down to Business on Saturday to discuss the medias negative perception of the Irish retail market.

While a negative narrative persists in the media, Neil points to CSO data that shows that the three-month moving average of retail sales values is substantially higher in March 2022 than it was Pre-Covid.

Neil & Bobby also discuss the future of Irish High Streets, how they were affected by Covid and the reset on Grafton Street with the arrival of new brands.

For the full discussion, please click here.

Bannon Retail Pulse Report – May 2022

/in , ,

We are delighted to share our latest Bannon Retail Pulse.

The ongoing global macro-economic uncertainty is having a significant impact on consumer sentiment. Inflationary concerns coupled with an anticipated rise in central bank interest rates has provided a more uncertain backdrop and is something we will be keeping a close eye on in the coming months.

To view the full report, please click here.

Consumer Sentiment

/in , , ,

Sustained slide in Irish consumer sentiment points to major reassessment of economic and financial conditions.

The KBC Irish Consumer Sentiment Index slipped again in May for the fourth consecutive month. The previous four occasions this has happened in the twenty-six-year history of the survey reflected circumstances in which consumers faced marked difficulties in assessing potentially momentous changes in economic conditions. The last time the survey slipped for four consecutive months was in the summer of 2019 amid concerns over Brexit.

The current slippage follows the conflict in Ukraine and electricity/gas price hikes of 15-40% implemented by energy providers in the past two months. However, credit/debit card and Retail Sales data do not yet point to any material slowdown in spending, with expenditure on hard hit sectors such as accommodation and hospitality still recovering in May.

Property Picnic was a Success

/in ,

Hats off to our Bannon committee for putting on a fantastic event in aid of Cancer Trials Ireland to celebrate the lives of Louise Creevy (nee Doherty) and Jason Miller. We want to thank everyone involved in Property Picnic again for all of their help and support.

Property Picnic is now sold out!

/in ,

Great news….Property Picnic in aid of Cancer Trials Ireland is now sold out!
We are delighted to launch the Property Picnic Online Auction which is now Live with items sponsored by Dublin Airport Central, Red Rock Developments, SCSI – Society of Chartered Surveyors Ireland and ourselves Bannon including Four 6 Nations Rugby Tickets (last game of the series), A Ballyfin Demesne State Room experience, 4 Coldplay Tickets in Wembley (plus flights) and 2 return tickets to NYC (with Platinum Services through the VIP terminal).
Take a look at the prizes and register. You don’t need to be there to bid! Winners announced on the night.
If you still like to make a donation, please click the link below:

Bannon is Expanding

/in ,

The Bannon Property Management team is expanding with the addition of Iain McGann (pictured right). Iain brings a wealth of experience having worked most recently in BCM Global’s Dublin office as an Asset Manager. Ray Geraghty – Director of Property Management (pictured left) said “We are delighted to welcome Iain as we grow the team and continue to extend our reach in the market”.

Bannon KeepCups and Chilly’s Water Bottles

/in ,

The Bannon KeepCups and Chilly’s water bottles arrived today for all staff. As a firm we are strongly committed to reducing waste and promoting wellbeing. No more plastic coffee cups for the Bannon team!

Property Picnic

/in ,

Property Picnic was officially launched last week and to say that we are blown away by the support and generosity of so many is an understatement. Our primary focus in creating the event was to celebrate the life of our much-loved colleague Louise Creevy (nee Doherty) who sadly passed away last year and in doing so we also wanted to honour our industry colleague Jason Miller who also sadly passed in 2021.

We wanted to create an event that reflected Louise and Jason’s fun loving personalities and to raise significant funds for Cancer Trials Ireland . This organisation provided a great deal of support to Louise and her family throughout her illness and was their chosen charity.

We are thankful to all for giving us the opportunity to create this exciting event, in particular our Keystone sponsors Hibernia REIT plc, Core Capital Limited, Eagle Street Partners, Iconic Offices, Matheson, Glass Bottle and McGrath Group.

See you at the Picnic!

If you cannot attend the event but would like to make a donation to this worthy cause, click here.

Limited tickets available, click here.

Beer and Pizza

/in ,

Beer and Pizza session with the Bannon team to share the great work within each of the departments. The Professional Services team are up first. Super to see most of the team back in the office.

Enhanced PART V Obligations

/in , , ,

The Affordable Housing Act 2021 brought about changes to the Part V process.  The most significant change is the requirement for new housing developments granted planning permission after 3rd September 2021, to have a 20% rather than 10% Part V (social and affordable) provision.  Of the increased 20% provision, at least half must be allocated for social housing support.  The remainder can be used for affordable housing which can be in the form of either a purchase or cost rental (or a combination of both).

The over-arching aim of Part V provisions is for the State to capture a portion of the increase in land value resulting from the granting of planning permission for qualifying residential developments. According to the Government’s Housing Agency, the preferred option which should be pursed by local authorities is the acquisition of completed units on the development site, by means of a transfer to the local authority or to an Approved Housing Body (AHB). The net monetary value (NMV) obtained by the local authority must be the equivalent of 20% of the difference between the market value of the land on the date on which planning was granted and the existing use value.

For a development site with planning permission and a market value (MV) of €3 million and an existing use value (EUV) of €500,000, the NMV due to the Local Authority will have increased from €250,000 at a 10% obligation to €500,000 at a 20% obligation. Therefore the determination of an appropriate market value has considerably greater significance to the overall costs associated with any proposed scheme of development. Importantly, Section 96(7) of the Planning and Development Act provides that either party can refer the matter of NMV for determination by a Property Arbitrator in the event of disagreement with the Local Authority or their representative. However, any reference to Arbitration needs to be done in a timely manner as the conveyance of completed residential units will be contingent on the Part V issue being resolved.

Niall Brereton BSc MRCIS MSCI is a Registered Valuer and has considerable experience in preparing Part V Valuations on behalf of landowners and developers and negotiating agreements with Local Authorities.

Bannon Retail Pulse Report – April 2022

/in , ,

We are delighted to share our latest Bannon Retail Pulse. This month we focus on the Food & Beverage Sector where we report on strong take-up and low vacancy across the sector. Our Retail Pulse is updated monthly and all are available on our website bannon.ie.

To view the full report, please click here.

 

Society of Chartered Surveyors - SCSI Ireland

Address

Hambleden House
19-26 Pembroke Street Lower
Dublin 2
D02 WV96
Ireland
»Map

Contact Us

Phone: +353 (1) 6477900
Fax: +353 (1) 6477901
Email: info@bannon.ie

Compare Listings

Title Price Status Type Area Purpose Bedrooms Bathrooms