Navigating Residential Zoned Land Tax Liability

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Are you ready for the May 2025 deadline?

The well documented implementation of the Residential Zoned Land Tax (RZLT) has posed numerous questions regarding the steps to be considered by the owners of land falling within the scope of the tax. Non-developer owners of land which is subject to RZLT, such as private individuals, religious institutions, farmers etc, may wish to apply to have their land rezoned by their Local Authority prior to 23rd May 2025. Subject to satisfying certain criteria such a landowner can claim an exemption from RZLT for 2025 from Revenue. A decision to seek a rezoning can have significant impacts on the future value prospects for such properties particularly in the context of amendments to planning legislation brought about by the Planning and Development Act 2024. Under the 2024 Act the lifetime of Development Plans will be extended to a 10 year lifespan, representing a significant extension from the 6 year lifespan heretofore.

Therefore, landowners who seek to rezone their land to bring it outside the scope of RZLT will face an extended Development Plan cycle should they wish to revert to a residential zoning at some stage into the future. Consequently, the implications of RZLT requires careful and strategic consideration so as to maintain and maximise an asset’s long-term value.

Contact Niall Brereton, Sam Harney and Paul Doyle to discuss appropriate strategies.

Land Sale Highlights

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Former Galway monastery on 173.5 acres offers scope for residential or hotel at €3.75m

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Having announced the closure of its monastery at Esker near Athenry in February 2022, the Redemptorist Order has retained agent Bannon to find a buyer for the property and its wider 173-acre estate. The former religious complex is being offered to the market in one or more lots at a guide price of €3.75 million.

Esker comprises a multi-phase property arranged around a former monastery building, adjoining retreat centre (former seminary) and a deconsecrated church. The existing buildings within the complex extend to a gross internal area of about 4,559 sq m (49,072 sq ft). The main buildings within the complex are interconnected via single-storey links and comprise a total of 82 bedrooms in their existing layout.

The accommodation is occupied under a short-term licence agreement with the Minister for Children, Equality, Disability, Integration and Youth for the purpose of providing temporary housing for refugees from the ongoing war in Ukraine. The licence is due to expire in July.

In addition to the above complex, the sale also includes substantial agricultural lands and woodland with the entire holding extending to 173.5 acres.

Given the likely interest of prospective purchasers in one or more, or all of the property, Esker is being offered for sale in the following lots with the exception of the former monastery’s burial ground, which is excluded from the process:

  • Lot A Esker Buildings on about 23 acres
  • Lot B Agricultural lands comprising 41.5 acres.
  • Lot C Agricultural lands comprising 45.6 acres.
  • Lot D Agricultural lands comprising 43.9 acres.
  • Lot E Agricultural lands comprising 19.6 acres

Esker is east of Athenry, close to the M6 motorway and its intersection with the M18 (serving Ennis and Limerick) and M17 towards Tuam and Ireland West Airport. Galway City is about 30km west of the subject property.

Commenting on the sale, Niall Brereton of Bannon said: “Esker has been steeped in the history of this region for over three centuries. There is an opportunity for a new purchaser to continue this property’s enduring legacy. The scale of the existing buildings and landholding could lend itself to a multitude of potential uses in the leisure and hospitality sectors (subject to planning permission).”

Article Published by The Irish Times 

Residential Zoned Land Tax (RZLT) Update

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Among the recently announced package of fiscal measures introduced by the Government as part of Budget 2024 was a 12-month deferral of the Residential Zoned Land Tax (RZLT). The tax liability, which was due to be paid by landowners as and from 1st February 2024, will not now fall due until February 2025. The RZLT equates to an annual liability equal to 3% of the market value of land which is deemed suitable for residential development.

While the 12-month deferral will no doubt be a welcome development by liable landowners they will face a choice as to the future prospects for their property. Among others, the Bannon Development Land Team has identified three fundamental options open to impacted landowners:

1. Dispose of the land

2. Seek a re-zoning of the land via the Local Authority

3. Undertake residential development.

Under the third option, the RZLT liability will only cease to accrue when completed residential units are delivered and will continue to be incurred during the construction phase.

While the option to seek a re-zoning from residential uses will ultimately result in the tax liability being removed it will also result in a significant diminution in the value of the land. This may not be such an issue for certain owners such as farmers whose primary interest is working the land. However, the vast majority of landowners may be very reluctant to actively seek to diminish the value of their property via rezoning.

Whatever the ultimate course of action it is clear that a lot of important decisions will need to be made by landowners impacted by RZLT in 2024. If this impacts you, talk to the team today to start planning your strategy early.

 

Author:             Niall Brereton, Director, Bannon

Date:                  14th November 2023

 

Acquisition of Unit 2B South West Business Park

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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.

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

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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.

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

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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.

 

Mullingar religious lands with residential potential guiding at €2.75m

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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

Enhanced PART V Obligations

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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.

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

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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. 

 

 

Lands at Main Street, Dunboyne, Co. Meath

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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.

 

CPOs – TWO SIDES OF THE COIN

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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/

 

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

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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 

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

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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 

Meath site zoned for residential and retail guiding at €2.5m

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Joint agents CBRE and Bannon are guiding a price of €2.5 million for lands zoned for the development of retail and residential in the commuter town of Dunboyne, Co Meath.

The subject site extends to 3.54 acres and is located at the centre of the town, to the rear of St Peter and Paul’s church and immediately adjacent to the new SuperValu development. Dunboyne train station is situated 1km from the property. The front section of the site is currently in use as a car park, while the rear section is under grass.

The site is located in an area zoned “B1 town/village centre” under the draft Meath County Development Plan 2020-2026. It is also identified as a “retail opportunity site” OS 1, under which additional retail development for the town could be accommodated. Residential development is also permitted under the current zoning objective.

Dunboyne is a well-established residential location, with an abundance of amenities including sports clubs, shops, cafes and restaurants. There are several schools in the town, including Dunboyne Primary School, Gaelscoil Thulach na nÓg and St Peter’s College secondary school.

There are a number of employment hubs located within close proximity to the town, including Dunboyne Business Park, the IBM campus in Mulhuddart, Blanchardstown and Damastown Industrial Park, MSD and Facebook Clonee.

Dublin city centre is located just 18km from Dunboyne and is readily accessible via the M3 motorway. In terms of public transport, Dunboyne train station offers a regular service to Dublin each day, with a travel time of about 30 minutes to the Dublin Docklands station. There are also in excess of 30 Dublin Bus services per day.

Darragh Deasy of CBRE’s development land division says: “This is a rare opportunity to acquire a development site in one of Meath’s most desirable residential locations. The subject site has terrific development potential, subject to planning permission, and should appeal to a wide pool of purchasers.”

Niall Brereton, director at Bannon, adds: “Dunboyne has been identified as a strategic development area within the Dublin Metropolitan Area Strategic Plan. Given the central location of these lands, they offer undoubted potential to develop a mixed-use scheme, subject to planning permission.”

Article by The Irish Times 

South Dublin site with planning permission for 203 homes seeks €14m

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Bannon are guiding a price of €14 million for a ready-to-go development site with full planning permission for 203 homes at Carrickmines, in south Dublin.

Extending to an area of 10.38 acres (4.2 hectares), the land is located off Glenamuck Road South, and 900 metres from the Park Carrickmines retail park. The site is highly accessible to both the M50 motorway and the Luas green line service at Ballyogan, offering easy access to both Dublin city centre and beyond.

While planning permission was obtained in June 2019 for a residential scheme comprising 173 apartments and 30 houses, a feasibility study prepared by Ferreira Architects in advance of the sale indicates the site’s potential for a private rented scheme of 333 apartments.

Full details of the existing permitted development can be accessed at the dedicated strategic housing development (SHD) website, www.glenamuckshd.ie. In addition to the residential units the permission also provides for 299 sq.m of communal/amenity space, a 480 sq.m creche facility and an 84 sq.m retail unit.

A further full suite of information which includes site investigations, drawings and planning permission details can be found in the data room, www.glenamuckroad.com.

Contact Niall Brereton today on 01 6477900 to discuss.

Published Article

Development site in Navan for €600k

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A 6.67 acre development site located next to the hugely successful Navan Retail Park is being offered for sale by joint agents Bannon and Raymond Potterton with a guide price of €600,000.

The site has extensive frontage on to the N51 and is located less than 2km from the M3 Motorway, the main route that connects Navan town, Co. Meath, to Dublin City Centre.

Zoned ‘Retail Warehouse Park’ under the terms of the Navan Development Plan 2009-2015, which has been extended to run alongside the Meath Development Plan 2012-2019, the lands may offer the prospective purchaser the opportunity to develop uses that are complementary to the adjoining retail park, which is currently occupied by Smyths, Homebase, Halfords, Petmania, DID Electrical and TK Maxx. Leading furniture retailer EZ Living is due to commence trading there this summer.

The potential of the site now being offered for sale is evidenced by the fact that Navan Retail Park itself was acquired for €11.5m just two years ago by Target Investment Opportunities plc, the investment fund controlled by the Los Angeles-based Oaktree Capital.

Leanne Kane of Bannon says: “With Navan being the retail hub and largest urban centre of Meath and with its population having increased by 7% to 28,399 in the 2016 Census, the site represents a good retail development opportunity.”

View Property Brochure

Article in the Irish Times

Site at rear of Jervis Shopping Centre for sale at €1.9m

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CIE is expected to lead the bidding for a development opportunity adjoining a key site it already owns at the rear of the Jervis Shopping Centre on Abbey Street in Dublin 1.

Cian McMorrow of Bannon is guiding €1.9m for a rundown three-storey building standing on 0.12 of an acre (0.05 of a hectare) with 14m of frontage on to Abbey Street, close to the Jervis Luas stop.

The building, which is almost certain to be demolished, adjoins CIE’s vacant site of 0.75 of an acre. The combined properties extending to 0.87 of an acre, and would be ideal for a budget hotel, apartments or an office development.

The 0.12 of an acre going for sale at this stage has a mixed-use zoning in the current city development plan, and, according to Bannon, there are unlikely to be any changes relating to it in the new development plan due to be published next month. Dublin City Council granted planning permission in 2008 for a seven-storey mixed- use building over two basement levels but this planning has now expired.

McMorrow said the 0.12 of an acre site represents a good development opportunity in its own right but it was expected that many developers would also look at the opportunity to merge the site with the CIE property to create a substantial city centre redevelopment opportunity.

The site going for sale was originally owned by former developer Liam Carroll, whose company collapsed soon after the property market crashed.

View Brochure

Article in the Irish Times

Thurles infill site for €100k

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The 0.4 acre site has frontage of 30 metres to Kavanagh Place and is located off the main Slievenamon Road (N62). The site is zoned retail and commercial under the Thurles & Environs Development Plan 2009-2015, which has been extended and allows a variety of uses – such as commercial leisure, creche, educational, offices, nursing home and retail.

A three-bedroom house and various outbuildings occupy the site, which is adjacent to Thurles Shopping Centre – which includes Dunnes Stores, Boots, Holland and Barrett and an IMC Multiplex Cinema.

The joint agents handling the sale say that it offers “a unique opportunity to purchase an infill development site given its strategic location in the centre of Thurles town, adjacent to Thurles’s only shopping centre”

View Brochure

Article in the Independent

Key Drogheda business park site for €900,000

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A key development site with mixed-use zoning on the edge of Drogheda town is to be offered for sale on behalf of CRH, the international building materials group.

Cian McMorrow of development land consultants Bannon is quoting €900,000 for the 45.56 acres close to Junction 10 off the M1 motorway and about 1.5km northwest of Drogheda town centre.

The site is zoned for a business park or new economy business under the Drogheda Council Development Plan 2011-2017, and is likely to be of interest to a range of developers. It is also expected to attract the attention of Davidson Kempner, a US hedge fund which bought the M1 Retail Park close by as part of the Projects Parks portfolio.

The land also adjoins St Oliver Plunkett’s GAA club, and is within view of a number of housing developments on the opposite side of the Slane Road. McMorrow said the zoning was quite broad allowing for uses such as offices, warehousing, a garden centre, petrol station and hotel development. There was also an opportunity for a purchaser to create a master plan and identify the appropriate uses for different end-users.

View Property Brochure

Article in the Irish Times

€3.9 Million for Prime Dublin Docklands Redevelopment

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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

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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

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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

15 Acre Drogheda Development Site

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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

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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

Development land for sale in Drogheda, Co. Louth

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Approximately 12.9 ha. (31.87 acres) of development land for sale in Newtown, Drogheda, Co. Louth. Planning permission is until July 2017 on part of the site for 260 units. One of the last major greenfield development sites in Drogheda.

Located close to Drogheda Grammer School, Scotch Hall Shopping Centre and other amenities. Drogheda is the largest town in Ireland with a population of 38,578 people (Census 2011).

For further details please contact Bannon on 01 6477900.

View our online brochure

 

Hibernia Reit acquires 0.75 acre freehold site in Dublin’s South Docks

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Property investment company Hibernia Reit has exchanged contracts to acquire a 0.75 acre freehold site at 1-6 Sir John Rogerson’s Quay, Dublin 2 for € 17.75 million in an off-market transaction.

The site, which fronts onto the river and adjoins Hibernia’s recently acquired Observatory Building, has existing planning permission for 102,000 sq. ft. net lettable of offices, c. 5,000 sq. ft. of retail space, three residential units and 34 parking spaces.

With Hibernia’s Windmill Lane Site and Hanover Building immediately behind and the Observatory Building adjoining, the acquisition gives Hibernia ownership of a full riverside quadrant in the South Docks area, which has become one of the most popular office locations in Dublin in recent years.

This acquisition is Hibernia’s eleventh since listing on the Irish Stock Exchange in December 2013. Following completion of the acquisition of the site and its recent acquisition of The Forum building in the IFSC, Hibernia will have invested € 393 million, with a further € 63 million committed.

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Docklands large-scale development gets green light

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A fast-track planning scheme which would allow buildings up to 88 metres or 22 storeys high in Dublin’s docklands has been approved by An Bord Pleanála.

The scheme is the first major planning initiative for the area since the Government decision to terminate the Dublin Docklands Development Authority (DDDA) and transfer its powers to Dublin City Council. The Government has permitted the designation of 66 hectares of riverside lands, previously under the control of the authority, for the new planning zone.

Two landmark buildings up to 22 storeys have been identified; the Point Square on the north side and Britain Quay on the south side.  However, most of the development will be eight-storeys high resulting in approximately 366,000 sq. m of office space and 2,600 homes which will be developed across 22 hectares of land in the North Lotts and Grand Canal Dock under the Docklands Strategic Development Zone (SDZ) planning scheme.

Summary of “The Commercial Property Review & Outlook 2014”

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A Summary of the Commercial Property Review & Outlook 2014 published by the Society of Chartered Surveyors Ireland (SCSI).

Offices

The office sector in Dublin is leading the way in the Irish Commercial Property Market. The SCSI Commercial Property Review & Outlook 2014, published in conjunction with Amárach Research, confirms that prime office rents in Dublin are between €350 per square metre and €377 per square metre in Quarter 1 2014 based on improved activity levels at the end of 2013 and start of 2014. There was a 23% increase in office take up in 2013.  While the turnaround was mainly driven by Dublin’s office market, improvements in the Irish economy in the second half of 2013 led to growth in both the retail and industrial sectors by the end of Quarter 4. The vacancy rate for prime office space has fallen close to 9%, and two thirds of Chartered Surveyors expect the supply of prime office space in Dublin to decrease significantly over the coming 12 months.

Industrial

Take-up in the industrial sector increased by 18% in 2013 and rents remained steady in 2013. Although there is an oversupply in certain locations, there is increased demand for prime industrial space, in particular by online companies with a greater need for modern logistics and distribution centres. Industrial prime rents have remained steady in Dublin at €61 per sq.m. per annum. Industrial rents increased in all categories in Leinster.

Retail

Rents for prime retail in Dublin continued to fall in 2013 and are now just above the €4,000 per square metre per annum mark. Rents for major town centre style malls showed a marginal decrease, indicating that rents in this sector have stabilised. Rents for prime retail increased in Leinster and are now at €325 per square metre, an increase of 7.3%. Rents for prime retail continued to fall in Munster in 2013 reflecting tough trading conditions in Cork City, Limerick City and Waterford City. On the other hand, rents increased across most retail categories in Connaught/Ulster in 2013, possibly reflecting more buoyant conditions in Galway City.

Investment

Approximately €1.9bn was invested in the Irish property market in 2013, which is three times more than in 2012. According to a report on Emerging Trends in Real Estate Dublin is the top spot in Europe for new investments in 2014. This is attributed to Ireland’s economic turnaround, falling unemployment and a forecast GDP growth of 2% in 2014, as well as the perception that prices have bottomed out and are beginning to recover. The main demand was for large office properties and growth was also recorded for industrial and retail properties.

Over half of investment spend in 2013 came from international investors with strong demand from the US, Europe and Asia. This is set to continue as an international report ranked Dublin as the number one location in Europe for new investment in 2014. This predicted growth is based on Ireland’s economic recovery.

Development Land

Non-agricultural land sales were up four fold between 2012 and 2014. This activity in Dublin is being driven by the improving office market and the increasing demand for family homes in the residential market.

For full report please go to www.scsi.ie/commercialreport2014

Two development sites in Limerick for Sale

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Two new development sites have come to the market in Limerick, both sites are zoned Industry under the Limerick
County Council Development Plan 2010 – 2016.
Limerick is Ireland’s third largest City with a population of 100,000 people.
Multinational companies in Limerick include Intel, GE Capital, Shannon Aerospace and Lufthansa Technik

Dock Road Roundabout, Dock Road, Limerick City
0.74 ha. (1.84 acres)
Uses permitted in principle include: Petrol station, Car Repair/Sales, Warehouse
Uses open for consideration include: Retail Warehousing, Office, Logistics, Local Shop, Restaurant/Cafe, Garden Centre
0.74 ha. (1.84 acres)

Foynes Port, Foynes, Co. Limerick
35.88 ha. (88.66 acres)
The designation is primarily to cater for port industries which are heavy industries by nature.
35.88 ha. (88.66 acres)

Further information is available in the online brochures and from Cian McMorrow from Bannon on 01 6477900

Warrenstown House makes over €800,000

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Warrenstown House the former Health Service Executive residential care facility and school in Blanchardstown, has been sold by agents Bannon for a figure believed to be in excess of €800,000.

Warrenstown House sits on approx. 2.8 acres and comprises of 7,000 sq.ft of accommodation. The property was brought to the market on behalf of Dublin City. The building had been leased to the Health Service Executive until late last year.

According to Cian McMorrow of Bannon, who handled the sale on behalf of Dublin City Council, there was a significant level of interest in the property from diverse users such as creches, nursing homes and office occupiers seeking headquarter buildings. It is understood that the purchaser is a religious organisation.

Bannon role in creating 81 Hole Golfing Resort in Donegal

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Bannon recently acted on behalf of the Rosapenna Hotel (Frank Casey) in the acquisition of the former St. Patrick’s 36 hole Golf Links in Carrigart in North Donegal.

The stunning 350 acre holding overlooking the Atlantic is a strategic acquisition for the adjoining Rosapenna.  In what is believed to be a deal worth well over €1m, proprietor Frank Casey now has an additional 36 holes to go along with the 45 that already reside at Rosapenna.

10 Acre development site with flexible zoning in Ennis

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Bannon have been instructed by Declan Mc Donald of PricewaterhouseCoopers to market a key development site in Ennis, Co. Clare, which has a very broad zoning designation.

The 4.05 Ha. (10 acre) site, which overlooks the River Fergus and has prominent Quin Road frontage, lies adjacent to the Clare Marts premises and opposite the Quin Road Business Park.

It is strategically located 1.5 km from Ennis town centre, 300m from the local train station and 15 minutes drive from Shannon Airport.

The Agents are not disclosing a guide price for the lands which are Zoned “Other Settlement Lands”.  Under this zoning, almost every use including supermarket, industrial, office and residential are either Acceptable or Open for Consideration in the council’s development plan.

Cian McMorrow of Bannon expects that this prime development site will generate a lot of interest from a broad range of parties from builders/investors to end users such as supermarket operators.

A proposed link road to be constructed along the western boundary of the site will further enhance the development potential of the site.

Further information is available in the online brochure and from Cian McMorrow from Bannon on 01 6477900

ESB appoint Bannon as property advisor

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Bannon are delighted to announce our recent appointment as Property Advisor to ESB in respect of their major 400,000 sq.ft. office development on Fitzwilliam Street.

This project will be one of the most important commercial property developments to be constructed in the country over the next decade. ESB will set a new benchmark for office developments in Ireland with a heavy emphasis on sustainability and quality of design. Our appointment reinforces our philosophy of targeting high quality developments which require a unique skill set which our experienced and innovative team bring to every property development to which we are appointed.

The Bannon team handling the project includes Marcus Wren, Director Office Agency, and Emma Leonard, Associate Director on the Asset Management Team

M&S take store in Douglas SC

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While British retailer Tesco plans 10 or more new Irish stores in the next 18 months, its more up-market rival Marks & Spencer is set to open its sole new Irish store this year in Cork.

Having secured M&S, Douglas Village Shopping Centre owners the Shipton Group follow with a pet deal of their own – a 6,000 sq. ft. letting at the opposite end of the centre from M&S, to pet supply company Maxi Zoo.

Marks are due to open their 15,000 sq. ft (22,000 sq. ft. gross) store in late November – in plenty of time for Christmas.  They say they will bring 100 new jobs to the revamped centre, where Tesco are main anchor, owning their own 90,000 sq. ft. of space over two levels.

This week, Tesco announced an 8% rise in sales, and said their current €115 million expansion of 11 supermarkets could bring 750 jobs.  Planned new locations include Waterford’s Ballybeg; Newcastle, Galway; Swinford in Mayo; Naas, along with recent openings in Dublin, Wicklow and Westmeath.

Over 1,000 job applications and CVs were received for M&S’s 100 new Cork jobs alone, and all posts are now filled.  The company has 700 British outlets and 300 others in up to 40 countries worldwide. M&S opened in Clonmel’s Showgrounds last year.

The Love family’s Shipton Group redeveloped the 1970s Douglas Village Shopping Centre in ‘08/09, more than doubling it in size to 250,000 sq. ft., as part of circa €90m investment to include Tesco’s own unit (their largest in Munster).

It has close to 50 shop units, and 1,000 multi-level car parking spaces.  One of the latest arrivals is Welch Sports, after a quality re-fit of the old Lifestyle Sports store.

Joint agents DTZ Sherry FitzGerald and Bannon this week confirmed a Douglas centre deal with Maxi Zoo to open a circa 6,000 sq. ft. unit, their eighth store here and their first to open within a shopping centre.

There are two circa 10,000 sq. ft. units in the old Tesco footprint available, at a quoted rent of c€30 psf, suitable for ladies fashions, a Next etc.

Quoted from Sitewatch, Tommy Barker, Irish Examiner

Multi-purpose building on Stillorgan Road/N11

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‘Beech Park House’ Stillorgan, with a floor area of c 1,120 sq. ms / 12,055 sq. ft. and on a site area of 0.28 ha / 0.7 acre, has been brought to the market by Bannon. With access from the Stillorgan Road /N11 and situated between the St. John of God grounds and Galloping Green the property, until recently, was a convent for the Daughters of the Cross – who are remaining in the locality.

The area has benefitted from a number of recent up-market developments including Brian Cullen’s ‘Beechwood Court’ and Glenkerrin Homes’ ‘The Grange’.

The villa-style property has accommodation arranged over 3 floors and, according to Liam Stones, would be suitable for a wide variety of uses such as a health, education or community centre, a creche / nursery, retirement home, recreational building or sports club or, perhaps, a distinctive and well-located corporate headquarters. There is excellent on-site parking and good transport links with a QBC on Stillorgan Road, the Luas in Stillorgan and the M50 accessed from Brewery Road.

Bannon are giving a guide price of €4m with a Tender date of June 11th

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