Brochure | Bannon

Cashel shopping centre and filling station for €6.5m

4th November 2015/in Brochure, Investment, News, Shopping Centre

A modern shopping centre in Cashel, Co Tipperary, along with an adjoining petrol filling station are to be offered for sale by private treaty at €6.5 million.

Joint agents Lisney and Bannon are handling the sale of the complex which will show an initial yield of 12.1% and offer opportunities to strengthen that figure even further.

The shopping centre is the only purpose built retail complex in the town with an overall floor area of 6,537 sq.m (70,362 sq.ft) and 342 surface car parking spaces. Anchor tenant Tesco is paying a rent of €565,000 per annum under a long-term lease with a weighted average unexpired lease term of 11.83 years.

Other tenants include O’Dwyer’s Pharmacy and Cordis Cashel Ltd (a subsidiary of Johnson & Johnson) providing an addition rent roll of €92,896.

The centre opened in 2008 and has 2,500 sq.m (26,910 sq.ft) of vacant retail space which when let will enhance the returns from the investment.

The overall rent at this stage from the shopping centre is €657,896 with a weighted average unexpired lease term of 10.74 years. Tesco is also paying €163,570 for a stand alone Tesco petrol filling station located between the shopping centre and junction 9 on the M8 motorway. This lease has another eight years to run.

Offers for the shopping centre and the petrol filling station will be considered individually.

Contact Rod Nowlan or Alex Patterson today on 01 6477900.

Article in the Irish Times

Irish Retail Investment Portfolio for Sale

1st October 2015/in Brochure, Investment, News, Retail, Shopping Centre

Agents Bannon are delighted to present to the market the sale of Hazel Portfolio, comprising of two provincial shopping centres and one retail park. Geographically diverse collection of retail assets which benefit from their position as dominant retail centres in their respective catchments. High profile tenants include Pennys, TK Maxx, Next, New Look, Homebase, B&Q and Harvey Norman.

1. Wilton Shopping Centre is located in the suburb of Bishopstown approximately 3 kms south west of the city centre and opposite Cork University Hospital.

Wilton Shopping Centre is the second largest shopping centre in Cork (after Mahon Point), with an impressive footfall of approximately 105,000 per week (5.5 million per annum). The centre extends to 10,151 sq.m (109,259 sq.ft) (excluding Tesco) of sales, ancillary and storage accommodation over predominately one trading level. The shopping centre has extensive surface car parking, 607 included within the sale and a further 394 relating to Tesco, situated on a site area of approximately 9 hectares (23 acres).

2. Drogheda Retail Park is situated at Junction 9 of the M1 Motorway and Donore Road. It was developed in 2005 with additional phases added in 2006 and 2008. The entire extends to approximately 19,919 sq.m (214,405 sq.ft) across 15 units with over 982 free surface car parking spaces.

Included in the sale is Unit 15 Newgrange Business Park which is located adjacent to the Retail Park. The unit is fully occupied by Blackstone Motors at a passing rent of €120,000 per annum with a term certain of 5.87 years. This unit is located close the Tesco F60 store.

3. Gateway Retail Park is located on the west side of Galway City just off the Bothar na dTreabh via the Western Distributor Road. The surrounding area is a densely populated suburb of Galway City with undeveloped residential zoned land which has potential to absorb future housing demand.

The Retail Park forms part of a wider estate which includes an office development occupied by Aviva and an industrial unit occupied by Zenimax. Planning permission was granted for Aldi immediately adjacent to Gateway Retail Park with site works underway. Planning permission was also granted for a primary school on adjacent lands.

The retail park was developed in 2005 and comprises over 7,798 sq.m (83,936 sq.ft) across four units (excluding Dunnes). Car parking is provided at surface and basement levels for 698 cars.

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Should you require further information or would like to discuss the opportunity in more detail please feel free to contact Alexandra Patterson on +353 1 6477900.

€3.9 Million for Prime Dublin Docklands Redevelopment

1st July 2015/in Brochure, Development, Land, News

A high profile former warehouse building in Dublin Docklands, with potential for an office redevelopment, is being offered for sale by Cian McMorrow of Bannon with a guide price of €3.9 million. 82 North Wall Quay is located adjacent to the new Central Bank of Ireland headquarters where construction work is progressing.

82 North Wall Quay has the benefit of views over the River Liffey, directly across from John Rogerson’s Quay on the South Docks. The building also has extensive frontage to Castleforbes Road.

The original brick warehouse building currently provides approximately 1,564 sq.m (16,834 sq.ft) of accommodation over three levels. A purchaser would have a unique opportunity to develop an office development in a prime Docklands location where office rents continue to rise whilst the supply of new office accommodation is still curtailed. Due to the property’s location within the North Lotts and Grand Canal Dock Strategic Development Zone (SDZ), a purchaser will be permitted to avail of fast track planning with no third party planning objections in the planning process.

82 North Wall Quay is immediately adjacent to the “Project Wave” site where Singapore developer Oxley has teamed up with Sean Mulryan’s Ballymore to develop 60,000 sq.m. of office space and 200 apartments on a site acquired from NAMA.

Cian McMorrow of Bannon expects that there will be significant interest in the sale. “Block 8 of the SDZ consists of the Central Bank building, the 60,000 sq.m. of office space and 200 apartments within Project Wave, plus 82 NWQ. A purchaser can participate in a combined development which will see over a quarter of a billion euro spent transforming the face of the Docklands over the next two years, for a €3.9m investment today.

Further details at: brochures.bannon.ie/dublin1-north-wall-quay-82

Residential Development Site in Gorey for Sale

4th June 2015/in Brochure, Development, Investment, Land

Bannon have been instructed to dispose of a high profile residential development site in Gorey, Co. Wexford. The site has frontage to both the Carnew Road and Gorey Hill Road and is a greenfield development site extending to 8.65 acres. The site is zoned for residential development under the Gorey Town and Environs Local Area Plan 2010.

The 8.65 acre development site adjoins two local schools, Gaelscoil Mhoshiolog and Gorey Educate Together National School. Minor site clearance works were carried out on part of the site. Footpaths and cycle lanes have been constructed along the Carnew Road and Gorey Hill Road which allows pedestrian access to the town, which lies 1 kilometre from the subject property.

According to Leanne Kane of Bannon who is handling the sale, “This site is very well located adjacent to two local schools and only one kilometre to Gorey Town Centre. With Dublin located an hour away, the site offers a potential purchaser an opportunity to provide residential units in Gorey town which are ideal for commuters and locals alike. Wexford County Council previously granted permission for 50 units on part of the site. The Housing Agency recently assessed the town and reported that an additional 365 residential units will be required here by 2018. We therefore expect house builders will seek to provide at least some of this demand, by buying this site”.

Prime Development Site in Naas Town Centre

13th May 2015/in Brochure, Development, Investment, Land, News

A town centre development site in Naas is being brought to the market by development agents Bannon. The 1.31 acre Town Centre zoned site is located on a very prominent position on Naas’s Main Street and comprises a former Superquinn supermarket building, car parking and a former public house.

The site has full planning permission to develop a 90,000 sq.ft. retail scheme over three floors. The existing accommodation provides over 33,500 sq.ft. of floor area. The property has frontage of 23 metres to Main Street Naas and includes over 60 surface car parking spaces.

According to development agent Cian McMorrow who is handling the sale, “the property represents a strong value proposition for an investor or developer. A purchaser can buy into the emerging regional retail recovery at a very reasonable price leaving them well placed to develop a 90,000 sq.ft scheme in the medium term. The site has full planning permission which crucially excludes any costly basement element. In the meantime the existing box can be subdivided and leased on a flexible basis”.

Bannon are seeking in excess of €3,000,000 for the site.

More information is available at: bannon.ie/brochures/kildare-naas-main-street-former-superquinn-site

€800,000 for Former Pennys Store in Naas Town Centre

13th May 2015/in Brochure, Development, Investment, News

Bannon have been appointed to sell the former Pennys store in Naas town. The 697 sq.m (7,500 sq.ft) store is located beside Tesco Metro and adjoins a car park with 105 spaces. The store benefits from a town centre location opposite Naas Town Centre shopping centre. Retailers in the vicinity include Boots, Holland and Barrett, Lifestyle Sports and Dealz. The unit is accessible via both Blessington Road and Main Street.

According to Cian McMorrow who is handling the sale; “the unit is located immediately adjacent to Tesco with the entrance to both stores being metres apart. Therefore the unit offers an opportunity for a retailer to capitalise on the existing footfall to Tesco. We expect interest from owner occupiers and investors seeking to lease the property to a retailer with a strong financial covenant”.

Bannon are seeking €800,000 for the site.

More information is available at: brochures.bannon.ie/kildare-naas-blessington-rd

15 Acre Drogheda Development Site

7th May 2015/in Brochure, Development, Land, News

A residential development site in Drogheda is being brought to the market by agents Bannon. The 15.09 acre site is located adjacent to the Newtown Blues GAA sports ground. Nearby residential developments include Beechwood, Cherrywood, Beaulieu View and Harmony Heights.

The site lies 2.3 kilometres from Drogheda town centre which has amenities such as the Scotch Hall shopping centre and Laurence Town Centre shopping centre. The lands are zoned “Residential New” under the Drogheda Borough Council Development Plan 2011 – 2017. There are relatively few undeveloped sites with this particular zoning in Drogheda.

According to development land broker Cian McMorrow who is handling the sale: “There will be significant demand for this site from residential developers who can see the opportunity to capitalise on the increasing demand for housing in Drogheda. Since the introduction of the new regulations on mortgage lending by the Central Bank, we have witnessed an increased appetite from residential developers seeking development sites in towns within commuting distance of Dublin City.”

bannon.ie/brochures/louth-drogheda-newtownstalaban-lands

30.75 Acre Development Site in Limerick City

7th May 2015/in Brochure, Development, Land, News

A major mixed use development site on the edge of Limerick City is being brought to the market by development land consultant Cian McMorrow of Bannon. The site is located close to the Dock Road/M7 Interchange, 4 kms south-west of Limerick City centre. The site comprises a greenfield development site of 30.75 acres which is zoned for Residential, Enterprise and Employment and Industrial development under the Limerick County Council Southern Environs Local Area Plan 2011 – 2017.

The 30.75 acre development site adjoins Castlemungret Industrial Estate and Templemungret House occupied by the OPW. There are 8.86 acres zoned “Residential Development Area” which adjoin a new residential development to the south known as Sli na Manach, where construction is ongoing. Three bed semi-detached houses in that development are currently selling for €250,000. The prominent site boasts extensive frontage of 450 metres onto the R510 (Dock Road roundabout to Quinns Cross).

According to Cian McMorrow of Bannon, “We are expecting significant interest in this site. The demand for residential development land has spread well beyond Dublin and there are well-funded parties now seeking development sites in other cities such as Limerick. Demand for new residential units is exceeding supply in parts of Limerick City”.

brochures.bannon.ie/limerick-city-mungret

Unique Retail Investment Opportunity in Tallaght

29th April 2015/in Brochure, Investment, News, Retail

A somewhat unique investment opportunity is being launched to the market by Bannon. The unit at Belgard Square West in Tallaght comprises a former supermarket unit which is situated directly opposite The Square Town Centre. It formerly traded under the SuperValu brand and extends to 1,439 sq.m (15,486 sq.ft). Neighbouring occupiers include Boyle Sports, Polonez, Smiles Dental Spa and Aussie Outback.

Although currently vacant there is a Put and Call Option in place which enables the owner to call on Musgrave Ltd to purchase the unit at a pre-determined purchase price of just under €9 million. This Call Option is exercisable from 31 December 2019.

Niall Brereton of Bannon is handling the sale and comments that; “given the low levels of returns that are available on deposit this presents investors with an opportunity to acquire an agreed level of future income from one of Ireland’s largest companies at a significant discount. In the meantime the potential exists to increase returns through a letting of the unit”.

The quoting price of €6 million represents just two thirds of the Call Option price which is obtainable in just over 4.5 years’ time.

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DAA begins €10m office development at Dublin airport

25th March 2015/in Brochure, Development, News, Office

Dublin Airport Authority (DAA) is to spend an estimated €10 million on the redevelopment of the former Aer Lingus head office at the airport. It is part of the first phase of a planned 70-acre business park aimed at international high-tech companies involved in research and development as well as other service industries.

Work is to start later this month on the regeneration of the 45-year-old block which is to get a Grade A specification, a LEED gold certification and an A3 energy rating before it is ready for fit-out by the end of the year.

The six-storey over basement building with a floor area of 8,300 sq.m (89,400 sq.ft) will in future be known as One, Dublin Airport Central. PJ Walls has been appointed as design and build contractors, while Henry J Lyons are acting as architect and design consultants.

Letting agents Bannon and BNP Paribas Real Estate are reporting “significant interest” in the block even before the formal launch, saying that it would appeal particularly to large multi-national corporations looking for a European or EMEA headquarters. The layout of the building will allow it to be leased to a single tenant or on a multi-let basis because of plans to provide a dual access reception area.

The regeneration process will include a new triple-glazed façade, improved insulation, flexible layout and the installation of T50 broadband throughout. About 60 jobs will be created during the construction phase and an estimated 700 people will be based there when the offices are fully let.

The airport site has 1,500 local and national bus and coach movements on a daily basis. It also has a sophisticated information technology infrastructure, round the clock security, a wide range of restaurants and bars, a fitness centre and a large number of sports facilities.