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Acquisition of Unit 2B South West Business Park

22nd February 2023/in Development, Land, News

Following the recent practical completion of Phase 1, South West Business Park by Rohan Holdings, Bannon is pleased to announce the acquisition of Unit 2B on behalf of a client in the healthcare sector.  South West Business Park is located just off the Kingswood interchange on the M7 and adjoins the Cheeverstown Luas stop in Citywest.  When completed the Business Park will comprise five units extending to approximately 323,000 sq ft.  Unit 2B is a state-of-the-art facility extending to just over 20,000 sq ft and has 12m clear internal eaves height, dedicated yards, electric-vehicle charging facilities and LEED Silver sustainability credentials.  We are particularly pleased to have secured this facility for our Client given the ongoing shortage of prime warehouse/logistics space within the Greater Dublin Area.

Niall Brereton, Director of Bannon represented the occupier.

https://bannon.ie/wp-content/uploads/niall-B-1.jpg 449 574 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2023-02-22 14:15:482023-02-22 14:16:30Acquisition of Unit 2B South West Business Park

New Dublin City Development Plan 2022-2028 and Changes to Z15 Land Use Zoning

10th January 2023/in Events, Land, News, Planning

The new Dublin City Development Plan for the period 2022-2028 came into effect on 14th December 2022.  The Plan establishes the planning framework for the evolution of the City over a six-year period.  One of the most notable changes brought about in this Plan are the restrictions placed on the potential future development of lands zoned ‘Z15 – Institutional and Community’.  The Plan states that any residential or commercial development on such lands would only be considered in “highly exceptional circumstances”.

It is estimated that some 1,800 acres of land throughout the City Council administrative area are zoned Z15.  While a significant portion of this total comprises existing educational and healthcare facilities, a significant proportion comprises lands privately owned by religious organisations including the Archdiocese of Dublin.  In an era where consolidation of parishes is likely to become more prevalent, these properties, which are typically centrally located within local communities, could offer the potential for repurposing as social or private housing and go some way towards the addition of much needed residential stock across the capital.  It appears contradictory that the new Development Plan has limited the future development potential of these lands in a time of chronic need and when creative solutions are required most.

Niall Brereton BSc MRICS MSCSI is a Registered Valuer and Director of Professional Services at Bannon.

https://bannon.ie/wp-content/uploads/Picture1.png 545 969 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2023-01-10 15:59:052023-01-10 15:59:35New Dublin City Development Plan 2022-2028 and Changes to Z15 Land Use Zoning

What exactly is the Residential Zoned Land Tax (RZLT)?

29th November 2022/in Residential, Land, News, Reports

A contentious and topical issue for some time now, the Residential Zoned Land Tax (RZLT) will impact a range of stakeholders across the development land sector. The RZLT, which was introduced in the Finance Act 2021 effectively replaces the Vacant Site Levy, with a similar objective of increasing the supply of residential accommodation.

As an annual tax charge, it will be calculated at 3% of the market value of land zoned suitable for residential development which is or can be readily serviced. Each local authority is obliged to generate a residential zoned land tax map, with draft maps published from the start of November 2022.

Land suitable for residential development from the 1st of January 2022 and development not commenced prior to the 1st of February 2024 will be liable for taxation. Landowners seeking to be omitted from the tax have until the 1st of January 2023 to make an appeal to their Local Authority. Impacted landowners will be expected to self-assess or engage with a registered valuer to conclude the market value of their land in anticipation of the 23rd of May 2024 tax return date.

The limited circumstances under which the RZLT may be deferred include the following:

– Planning permission has been granted in respect of the residential land and a commencement notice, in respect of the residential development, has been lodged with the relevant Local Authority.

– If an appeal relating to the inclusion of the site on the register has not yet been determined.

– Judicial review or appeal to An Bord Pleanála is brought by a third party in relation to the planning permission that was granted.

For more information on the potential implications of RZLT contact nbrereton@bannon.ie.

 

https://bannon.ie/wp-content/uploads/RZLT-Image.png 229 362 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2022-11-29 10:50:052022-11-29 10:52:35What exactly is the Residential Zoned Land Tax (RZLT)?

Mullingar religious lands with residential potential guiding at €2.75m

24th June 2022/in Residential, Land, News, Reports

The combination of current and expected future demand for housing in Dublin’s commuter belt counties should see strong interest from investors and developers in the sale of a 12-acre land holding in Mullingar, Co Westmeath.

The lands, on the Dublin Road and just 700m from Mullingar town centre, are being offered to the market by joint agents Bannon and James L Murtagh & Sons on behalf of St Finian’s Diocesan Trust at a guide price of €2.75 million.

The subject holding surrounds the diocesan office, which the trust is retaining for its continued use, and is distributed across two parcels of land extending to a combined area of about 4.85 hectares (12 acres). The entire holding is zoned “Proposed Residential” in the Mullingar Local Area Plan 2014–2020 (as extended). An architectural feasibility study prepared by Altu Architects indicates potential (subject to planning consent) for the development of a housing scheme of about 116 units, comprising 27 two-bedroom houses, 35 three-bedroom houses and 54 four-bedroom houses.

While the lands have a sylvan setting adjoining St Paul’s Catholic Church, St Colman’s National School and Clonard House, they are near all the amenities of Mullingar.

Mullingar is a well-established commuter town and sits about 80km or a one-hour drive from Dublin via the N4 and M4 motorway. The town is also served by mainline rail services.

Niall Brereton of Bannon says: “This is a rare opportunity to acquire a development site in one of the most desirable residential locations within the Dublin commuter belt. Mullingar is a highly accessible town given its proximity to the N4 as well as Mullingar train station offering daily services to and from Dublin city centre. The subject land has terrific development potential, subject to planning permission, and will appeal to developers seeking opportunities to deliver new housing units in an area of high demand.”

Article by The Irish Times

https://bannon.ie/wp-content/uploads/Lands-at-Dublin-Road-Mullingar-1.jpg 1323 2000 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2022-06-24 10:01:582022-06-24 10:01:58Mullingar religious lands with residential potential guiding at €2.75m

Enhanced PART V Obligations

4th May 2022/in Development, Land, News, Reports

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.

https://bannon.ie/wp-content/uploads/Resdential-Scheme-Stock-Aerial-1.jpg 2970 5280 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2022-05-04 09:22:102022-05-04 10:15:57Enhanced PART V Obligations

‘Mixed Use’ lands with significant potential for development sold in Drogheda.

25th January 2022/in Development, Land, News

Bannon were delighted to act on behalf of client, Belgard Estates Ltd (a subsidiary of CRH plc), in the sale of their lands at Slane Road.  It is a substantial landholding on the outskirts of Drogheda which extends to a gross area of approximately 18.6 ha (45.6 acres).  

The entire site is zoned ‘Mixed Use’ in the Louth County Development Plan 2021-2027 and presents an excellent opportunity to advance a mixed-use scheme with residential and commercial uses, subject to planning permission.  M1 Retail Park, which is occupied by Woodies, Smyths, Sports Direct and Dealz is situated less than 500 metres to the north-west.  Drogheda is earmarked to further expand on its status as the largest town in Ireland with a target population of 50,000 by 2031.  The town has been designated a self-sustaining employment centre on the Dublin-Belfast (M1) Economic Corridor. 

The property garnered significant interest from a range of parties.  Following a tender process, a local property speculator secured the property.  The guide price was €3.75m. 

 

 

https://bannon.ie/wp-content/uploads/drogheda.jpg 925 1384 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2022-01-25 16:14:062022-01-25 16:14:06‘Mixed Use’ lands with significant potential for development sold in Drogheda.

Lands at Main Street, Dunboyne, Co. Meath

5th November 2021/in Development, Land, News, Reports

Client: St. Finian’s Diocesan Trust

The Brief: The Parish of Dunboyne identified lands adjoining St. Peter and Paul’s Church as being surplus to their requirements and as a potential means of raising funds for the Parish, particularly in the face of the financial challenges posed by Covid-19. Bannon, as joint agent, were approached to provide advice on the optimum method of disposal and how to maximise the potential of the lands, given our previous experience and expertise with the disposal of lands owned by religious institutions. The surplus land, extending to 3.54 acres, included a surface car park which was used by parishioners and church goers and needed to be replaced/relocated.

Our Solution: An alternative car park location was identified in conjunction with the design team on the lands to be retained by the Trust.  Potential purchasers were provided with the specification of the proposed car park and were requested to incorporate the provision of the new car park on behalf of the Trust as part of their bid proposals.

The outcome: Following a competitive bidding process the property was transacted at a price substantially higher than the guide of €2.5m. Furthermore, the purchaser has contractually undertaken to complete the proposed new car park, subject to planning permission, on behalf of the vendor to the required specification. This means that the responsibility, and more importantly the substantial costs of project managing and overseeing a substantial works programme, has been removed from the Trust.

Testimonial: “St. Finian’s Diocesan Trust engaged Bannon as a joint selling agent in respect of the lands at main Street, Dunboyne, Co. Meath. We found Bannon to be thoroughly professional in their approach, and their market knowledge in this sector contributed greatly to achieving a successful sale.”

Fr. Patrick O’Connor.

 

https://bannon.ie/wp-content/uploads/Niall-B.jpg 816 1238 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2021-11-05 09:23:312021-11-05 10:20:22Lands at Main Street, Dunboyne, Co. Meath

CPOs – TWO SIDES OF THE COIN

4th August 2021/in Development, Land, News, Reports

In Irish history, there have been numerous examples of the presiding Government instigating a Compulsory Purchase Order (CPO) to implement national projects.  Intentions being for the future development of the country and public interest.  A Government Minister or Acquiring Authority is required to seek a CPO from An Bord Pleanála and in contentious cases such an order can be expedited to provide a clear pathway and certainty around the delivery of a project of national importance.

The rules for the assessment of compensation for land taken on foot of a compulsory acquisition, generally provide that the value of land shall be taken to be the amount, which the land if sold in the open market by a willing seller, might be expected to realise.  Compensation will also deal with issues such as severance and disturbance to remaining landholdings.  The characteristics and attributes of the property are considered as part of any assessment of compensation payable to the landowner.  If zoning is in place for residential development for example, the potential of that development and the requirement for much needed housing will be reflected in the compensation payable.

But CPOs are not just about money.  The decisions and process involved can be emotive.  There are many stakeholders to consider and objectives to be met.  In some cases there is merit in considering a CPO for the successful delivery of projects of importance.  However, for every project that needs to be realised, there are landowners who need to be accommodated.  Many have a long history with their property, and they hold sentimental attachment in addition to financial value to them.  It is never a simple choice to sell that asset or be forced to sell it.

Depending on the project, such compensation sums for land acquisition may be considered relatively modest given the overall cost of the project.  However the personal cost to landowners may be significant as they can be dealing with the compulsory acquisition process for years before reaching a conclusion.

Acquiring authorities must carefully navigate the legal process, taking the obligatory steps with fairness and consideration. Landowners must equip themselves with the knowledge and understanding of the process and the impact on their livelihood. Specialist advice is essential on both sides to understand the true value of the property, both as a single property and as part of a wider scheme.

Our small island will continue on its path of growth and development.  Our challenge is to balance how we use the land we have for the good of our people, both users and owners.

Niall Brereton BSc MRCIS MSCI is a Registered Valuer and experienced Compulsory Acquisition Practitioner with Bannon Chartered Surveyors and Property Consultants.  Niall has advised on multiple CPOs, acting primarily for individual claimants and corporate landowners.  

 Bannon is currently advising landowners in respect of the following CPO projects:

 https://www.corkrdo.ie/major-schemes/m28-cork-to-ringaskiddy-project/

 https://busconnects.ie/

 http://www.donegal-ten-t.ie/

 https://www.foyneslimerick.ie/

 

https://bannon.ie/wp-content/uploads/Niall-Headshot.jpg 2400 1600 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2021-08-04 09:22:192021-08-04 17:20:22CPOs – TWO SIDES OF THE COIN

Slane lands with residential and commercial potential guiding at €3.75m

5th May 2021/in Development, Land, News, Reports

Agent Bannon is guiding a price of €3.75 million for a 46-acre landbank strategically positioned on the Slane Road between the M1 motorway and Drogheda town centre.

The property, which is in agricultural use currently, is expected to see strong interest from both residential and commercial developers, given its potential to accommodate a variety of uses. The entire holding is zoned “mixed-use (C1)” under the terms of the draft Louth County Development Plan 2021-2027. The objective of this zoning is “to provide for commercial, business and supporting residential uses”.

The final county development plan is expected to be adopted by the end of 2021. According to the draft plan, Drogheda is earmarked to further expand on its status as the largest town in Ireland with a target population of 50,000 by 2031. The town has been designated as a self-sustaining employment centre on the Dublin-Belfast Economic Corridor.

Well placed

The subject site is well placed to benefit from this expected growth thanks to its location. The lands are situated on the Slane and Mell Road, with the M1 motorway (junction 10) to the northwest and Drogheda town centre to the southeast. The M1 Retail Park, which is occupied by Woodies, Smyths, Sports Direct and Dealz, is situated less than 500 metres to the northwest.

Niall Brereton, director at Bannon, said: “This is an excellent opportunity to develop a mixed-use scheme of scale, subject to planning permission, at a strategic location close to Drogheda town centre and the M1 motorway, within a town which has been identified as a regional growth centre.”

The property is being offered for sale by way of tender with a guide price of €3.75 million. The last date for receipt of tenders is noon on Thursday June 10th.

Article by The Irish Times 

https://bannon.ie/wp-content/uploads/slane.jpg 853 1280 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2021-05-05 10:52:002021-05-05 10:52:36Slane lands with residential and commercial potential guiding at €3.75m

Clonee land offers potential for 400,000sq ft logistics facility at €10m

24th March 2021/in Development, Land, News, Planning

With vacancy levels for prime industrial stock reaching record lows and limited development opportunities available along the main arterial routes around the capital, agent Bannon expects to see strong demand for a 22-acre land holding fronting on to the M3 motorway.

Located next to junction 4, less than five-minutes’ drive from the M50 and 15km from Dublin city centre, the M3 Gateway site is fully serviced and offers the potential for a logistics/distribution or data-centre development of about 400,000sq ft (37,161sq m) subject to planning permission.

The land adjoining the site has in recent years been transformed by the development of two hyper-scale data centres by Facebook. Further data centres are situated nearby in Blanchardstown and Mulhuddart where Amazon Web Services is progressing a 223,000sq ft facility. The area has also proven to be popular among pharmaceutical and logistics companies, with MSD, Astellas, Helsinn Birex, Geodis and Masterlink all situated nearby.

The commuter towns of Dunboyne and Clonee are situated on the opposite side of the M3 with rail stations at Dunboyne and the M3 Parkway park-and-ride facility at Pace.

The land has direct road frontage on to both the M3 slip road and the Kilbride road. Notably services including mains drainage, water and gas supply pass through the southern portion of the site and are capped for future connection. The presence of these services is expected by the selling agent to enhance the prospects for the land when brought forward for development. The entire holding is zoned “enterprise and employment” and “warehousing and distribution” within the Meath county development plan.

The property is being offered for sale by tender on Thursday, May 6th at a guide price of €10 million.

Commenting on the sale, Niall Brereton, director at Bannon, said: “In addition to the terrific data-centre potential the lands at M3 Gateway offer institutional investors an unrivalled opportunity, subject to planning permission, to enhance the logistics/distribution allocation within their portfolios and capitalise on the significant demand amongst third-party logistics providers, pharmaceutical companies and online retailers for modern industrial stock within touching distance of the M50 and the city’s main arterial corridors.”

Article by The Irish Times 

https://bannon.ie/wp-content/uploads/B75I8893-Marked-1.jpg 500 800 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2021-03-24 12:02:542021-03-24 12:02:54Clonee land offers potential for 400,000sq ft logistics facility at €10m
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