How fabulous do the ladies look at the Dublin Horse Show yesterday afternoon! Such a wonderful event and we were so proud to get to host again this year 🐎✨
Lovisa opened their new store over the bank holiday weekend in Dundrum Town Centre showcasing an impressive fit out!
This marks another exciting new addition to the centre which has seen significant activity with the recent openings of Mango and Space NK.
For further leasing opportunities please contact Ali O’Gorman, James Quinlan or Daniel Murphy.
Another new store for Petstop in Waterford! The quality of fitout and what is on offer is second to none with an extensive range for all your pet needs. Congratulations to all the team and we wish you the best of luck 
Image by: Petstop
Pandora opened their doors in Marshes Shopping Centre, Dundalk on Friday. The fit out is fantastic and this international retailer is a great addition to the strong occupier mix. There was a real buzz around the shop over the weekend and the brand is being warmly welcomed.
For remaining lease opportunities, please don’t hesitate to contact Jennifer Mulholland or Ali O’Gorman.
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team review activity during the first half of the year.
Separately in our “Expert Insight” section Neil Bannon looks at the ongoing juxtaposition between the replacement cost of retail developments and recent Economic and Social Research Institute (ESRI) population projections. To put it simply the value of almost all existing retail assets is less than the cost of creating a new equivalent. For this reason, one must assume that there is unlikely to be any new retail stock of any significance for the foreseeable future and the demand for existing stock is likely to remain high.
Full report available here.
Bannon were delighted to host a CPD session this morning in conjunction with BHSM LLP. The well attended session gave an overview of current GDPR legislation and its application to commercial property environments. GDPR legislation is in place to protect individuals’ privacy in a digital age and foster a culture of data security along with respect for personal information.
It was great to see so many taking a keen interest in a crucial property management topic.
Thanks very much to BHSM LLP for the interesting and informative CPD and all those who attended from Bannon managed sites.
We at Bannon would like to congratulate Ian Hunter and the team at Swords Pavilions who have been shortlisted in the upcoming Sceptre Awards for Sustainability Initiative of the Year and Manager of the Year showcasing all the ongoing hard work in the centre.
Such a great achievement and we wish the team the very best of luck!
The transformation of Dundrum Town Centre from traditional shopping centre to all-round lifestyle and leisure destination continues, as shopping habits keep changing in response to the growth of online retail.
Having lain dormant since the departure of its original tenant, the British toy retailer Hamleys in 2018, the large corner unit at Pembroke Square fronting on to Ballinteer Road is to become home to boutique bowling alley operator Lane7. The venue, which is due to open for business this December, will extend to 14,500sq ft and offer 10-pin bowling, augmented darts, floor shuffle, curling, ping pong, pool and dedicated karaoke booths.
The signing of Lane7 by Dundrum Town Centre owner Hammerson follows on from the brand’s successful opening last October of its largest-ever location at Hammerson’s Bullring & Grand Central shopping centre in Birmingham.
While Lane7′s Dundrum premises had been pencilled in for occupation by the Stella Bowl, a bowling alley, cocktail bar and diner concept operated by Paddy McKillen jnr and Matt Ryan’s Press Up Entertainment Group, The Irish Times understands that Hammerson decided on a change of strategy for the Pembroke Square unit some time ago and pursued a deal with Lane7 instead.
A new Chinese restaurant, Roncheng, will be located beneath Lane7. The venue, which will extend to 4,700sq ft, is due to open in the final quarter of this year and will, according to its promoters “bring the five traditional flavours of the Far East – sweet, bitter, sour, spicy and salty – to Dublin, against the backdrop of a vibrant and refined setting”.
Australian jewellery specialist Lovisa will also open a new store at Dundrum, meeting demand among younger people for on-trend affordable jewellery. The brand has rapidly expanded its presence in the UK and Ireland, and this will be its fourth store in Dublin.
Digital-native jewellers Dylan Oaks will also open its first store in Dublin later this year at Dundrum Town Centre. The brand has grown its large following for personalised necklaces, bracelets and other pieces by partnering with social media influencers.
Commenting on Lane7′s decision to locate at Dundrum Town Centre, Connor Owens, managing director of Hammerson’s Irish asset management division, said: “This is another important milestone for Dundrum, as we continue to reposition our assets through new social concepts, which not only diversifies our occupier mix, but also drives footfall and customer engagement.
“Last year was significant for our Irish portfolio. Virtual reality concept Zero Latency opened at Swords Pavilions, expanding the centre’s use and proposition, while at Dundrum we repurposed over 200,000sq ft to introduce the first-ever Nike Live in Ireland, a new flagship Penneys, and Dunnes Stores, which in turn pushed footfall up by 3.3 per cent year on year.
“We’re excited that, through new uses and concepts, our vision to transform our portfolio from places where people come only to shop, to multipurpose ‘destinations’, is coming to life.”
Gavin Hughes, managing director of Lane7, said: “We are incredibly excited for Lane7′s first venue in Ireland. We know how much the people of Dublin love a good night out, and we’re looking forward to showing them what Lane7 has to offer.”
A busy few days for the Bannon Retail team touring Liverpool, Manchester and Birmingham looking at new retail and leisure openings and getting a handle on new market trends!
Thank you to our clients Hammerson for kindly arranging an excellent and very informative tour of Bullring & Grand Central Birmingham with Dan Murphy and Ruth Amor yesterday!
Delighted to see EZ Living Furniture open their doors in Drogheda Retail Park yesterday! Another fantastic brand addition to an already impressive line up.
For further letting opportunities, please contact James Quinlan.
The Bannon team took part in the Nexus 5-a-side Soccer Tournament at Pembroke Hockey Club last Friday held by the SCSI – Society of Chartered Surveyors Ireland.
It was great to see so many companies across the industry battling it out.
We are already looking forward to the next game! ⚽
Ireland’s greenhouse gas emissions reduced by 6.8 per cent last year, with reductions achieved in almost all sectors, ensuring the lowest overall level in three decades, according to the Environmental Protection Agency (EPA).
Data published on Tuesday “indicates a move towards reducing carbon emissions at the scale and pace required to meet [Ireland’s] climate ambition of a 51 per cent reduction by 2030″, the agency concludes. It follows a reduction of 4 million tonnes of CO2 equivalent compared to 2022.
EPA director general Laura Burke said the yearly fall was the largest reduction in emissions outside of recession. “These are significant findings that signal the impact of climate action and decarbonisation measures across Ireland’s economy and society. We see the impact of more renewables and interconnection powering electricity, less fossil fuel use in home heating, reduced nitrogen fertiliser use in agriculture and more biofuel in transport.”
“However, while these are positive results for the year 2023, we are still well off track in terms of meeting EU and national 2030 targets. We need to maintain and further build momentum,” she said.
Emissions per capita decreased from 11.4 tonnes to 10.4 tonnes of CO2 equivalent per person in 2023, sustaining reductions in recent years. In total 55 million tonnes of CO2 equivalent were emitted, excluding emissions from land use, land use change and forestry.
Despite progress on decarbonisation, current emission trends, however, mean legally-binding carbon budgets are unlikely to be met; increasing likelihood of compliance costs facing Irish taxpayers in excess of €5 billion by 2030.
Emissions from energy industries decreased by 21.6 per cent to 7.8 million tonnes of CO2 equivalent, driven by a 12-fold increase in imported electricity (9.5 per cent of electricity supply in 2023), with an increase in renewable energy (to 40.7 per cent in 2023) and reduced use of coal, oil and peat.
Agriculture emissions decreased by 4.6 per cent to 20.8 million tonnes of CO2 equivalent due to an 18 per cent reduction in fertiliser nitrogen use, reduced lime application and overall reduction in numbers of livestock. Dairy cow numbers increased by 0.6 per cent yet total milk production decreased by 4.7 per cent in 2023.
Residential emissions decreased by 7 per cent to 5.3 million tonnes, the second substantial annual reduction in succession. High fuel prices and a milder winter were significant contributors to reduced fossil fuel use, in addition to new solid fuel regulations. More than 30,000 heat pumps were installed in homes in 2023 bringing the total to 120,000.
Transport emissions increased marginally by 0.3 per cent to 11.8 million tonnes though they were 4.3 per cent below 2019 pre-Covid levels. An increase in EVs and biofuel use partly offset a 3 per cent increase in the national vehicle fleet.
On compliance with national commitments under climate legislation, the assessment shows emissions include land use are 7.8 per cent lower than in 2018 – but well off the “national climate ambition” of a 51 per cent reduction by 2030.
“We need to achieve an extremely challenging annual reduction of 8.3 per cent for each of the years 2024 and 2025 if Ireland is to stay within the first carbon budget [2021-2025],” the EPA concludes.
EPA programme manager Mary Frances Rochford said many positives were evident. “Residential emissions were at their lowest level since 1990; we saw the largest year-on-year reductions to date in the energy and agriculture sectors.”
Friends of the Earth (FoE) head of policy Jerry MacEvilly said: “These figures show policy change works. It is significant and welcome that the Government’s climate measures are taking effect and leading to real reductions in Ireland’s polluting emissions.”
Reduced fossil fuels in energy and home heating, as well as reduced nitrogen fertiliser, all had an impact, he said. “That this is happening due to progressive policymaking, and not merely an economic downturn, is an important landmark. However, the figures also show that Ireland remains well off track in terms of meeting national and EU commitments.”
It remained the case that even with this reduction, “we need much bolder policy change and much faster and more disciplined implementation across all government departments and state agencies if we are going to stay within our legally binding limits on pollution to 2025 and 2030″.
In May, the EPA noted that, for the third year running, planned Government action is projected to cut emissions by less than 30 per cent by 2030 when the benchmark in climate legislation is a 51 per cent reduction. “The Government has adopted many of the right policies but are failing to deliver actions needed to reduce emissions in line with the binding limits set by the Dáil,” Mr MacEvilly said.
“We need faster and fairer climate action to make sure we leave a liveable planet for today’s young people. We need the government to lead the systems change we need in our transport, electricity, buildings and food systems,” he added. “If they do that we can create a cleaner, healthier, safer future for all. The public won’t thank our politicians if they sit on their hands in the face of global overheating, and the extreme weather it is bringing with it, for fear of inconveniencing vocal minorities.”
“What these figures show is that politicians must hold their nerve on climate action,” said FoE chief executive Oisín Coghlan.
“Government policy is beginning to make a difference but in recent times we have seen politicians in this country and across Europe step back from accelerating climate action because of pushback from vocal interest groups,” he added.
The Government must build on gains made in 2023 and prioritise corrective measures and known solutions across all sectors to urgently close the emissions gap, he said.
The emission inventory 1990 to 2023 is available on the EPA website
The retail team track the evolution of Occupiers on Grafton Street whilst Neil Bannon highlights the positive indicators that suggest a benign outlook for retail sales.
To view the full report, please click here.
A surprisingly positive set of Capital Market figures this quarter, suggesting the shifting interest rate backdrop is starting to prompt renewed interest in real estate. Check out this quarter’s turnover statistics in detail and if you have any questions don’t hesitate to contact any of the Capital markets team including Roderick Nowlan, Brian Morton and Cillian O’Reilly.
To view the full report, please click here.
Q2 saw a very positive pick-up in office activity with take-up reaching over 870,000 sq.ft., a material increase on the mere 197,000 sq.ft. transacting in Q1. These figures were boosted by the inclusion of the sale of the 182,340 Sq.Ft. long vacant Seamark office Building in Elm Park which we understand was bought by the HSE for a step-down facility. In addition, in excess of 150,000 Sq.ft. of space was assigned to Stripe at Wilton Park, representing the first sign of large scale prime ESG take-up since covid. More importantly it is the first sign of the TMT sector beginning to become active again. This currently dormant sector usually represents approx. 50% of take-up Dublin figures as opposed to just 27% this quarter.
The average deal size in Q2 was 16,877 sq.ft. increasing from 5,640 Sq.ft. in Q1 and 7,774 Sq.ft. in the same quarter of 2023. As seen in previous quarters, small floorplates continue to dominate deal numbers with 22 transactions (out of 52) occurring in the <5,000 Sq.ft. bracket. This part of the market has actually remained relatively stable since the return to the office post-pandemic. Heading into Q3, there is still in excess of 500,000 Sq.ft. of space reserved, which creates some momentum for the second half of the year.
Another very enjoyable day spent in Willie Bermingham Place, Kilmainham for the Bannon Property Management team volunteering for ALONE, a fantastic national charity that enables older people to age at home and one which Bannon is delighted to support each year.
We had the pleasure of having Brendan O’Brien of Dublin City Council, Head of Technical Services in the Environment and Transportation Department in our office today discussing the new Dublin City Centre Transport Plan followed by a variety of delicious food by Sweet Cicely.
An Bord Pleanála has recently granted approval for two BusConnects Core Bus Corridor Schemes from Liffey Valley to City Centre, and from Bellfield/Blackrock to the City Centre. These approvals mark significant milestones as the first of twelve proposed routes under the National Transport Authority’s BusConnects Dublin project to secure planning consent.
Further Bus Corridor improvements schemes are also planned for Cork (eleven routes) with preliminary route studies also underway for Galway, Limerick and Waterford.
It is expected that all twelve Dublin corridors will be completed by 2030, with the first construction contracts to be awarded at the end of 2024 and on-site construction commencing in early 2025.
Following An Bord Pleanála’s approval of the schemes the National Transport Authority (NTA) is likely to commence the formal compulsory acquisition process of the land required to facilitate the scheme works from individual landowners.
The next stages in the CPO process are likely to be as follows:
Under current legislation, an acquiring authority has a period of up to 18 months in which to serve a Notice to Treat in respect of the lands
which they intend to compulsorily acquire. However, in this instance it is likely that the NTA will instigate the Notice to Treat in the short term given that construction is scheduled to commence next year.
The Notice to Treat is a very important document insofar as it establishes the acquiring authority’s right to acquire the land and it copper-fastens the landowners’ entitlement to compensation. It also has the following effects:
Following service of the Notice to Treat, the acquiring authority can subsequently serve a notice of entry and become the de-facto occupier of the land and allow construction works to commence notwithstanding that a sum of compensation may not yet have been agreed let alone paid to the claimant.
Importantly, impacted landowners should note that the NTA is obliged to pay the reasonably incurred professional fees of the landowner in dealing with the CPO process. Professional advice may be sought from multiple disciplines such as Town Planning Consultant, Consulting Engineer, Solicitor and Chartered Valuation Surveyor, depending on the nature and quantum of the land acquisition.
Given the scale of the BusConnects project across Ireland’s main cities, property professionals can expect a surge of enquiries from affected property owners over the coming months.
Niall Brereton is a Director of Professional Services in Bannon Chartered Valuation Surveyors & Property Consultants
Insightful discussions at this morning’s sustainability talk hosted by AIB. Alex Patterson got to hear from Goodbody Clearstream and Sustainable Energy Authority of Ireland (SEAI) on the importance of the 2030 targets and the crucial steps businesses should take to start their sustainability journey. This was followed by a panel discussion with owners of Brennan & Co. and Magee & Co. on where their businesses are on their sustainability journey.
We are proud at Bannon to share that since we embarked on our sustainable journey, we have reduced our carbon footprint by 78.7 tonnes.
What a fantastic team building day out yesterday walking through Ticknock Forest finishing up with a tasty meal at Johnnie Fox’s Pub.
A huge thank you to our social committee for organising such a great event and we look forward to many more team building adventures in the future! 😄
Congratulations to two members of our team, Cillian O’Reilly and Jamie Brindley for being formally elected as Professional Members of the SCSI – Society of Chartered Surveyors Ireland following their APC graduation last Friday! 🎊 This is a significant achievement, recognising their expertise and professionalism in the field.
Rent Reviews are one of the key commercial events within commercial leases.
The Rent Review process is highly detailed with the wording of the Rent Review Clause setting the parameters and assumptions that are to be adopted for assessing the level of rent applicable at the Review Date.
In undertaking Rent Review instructions on behalf of our clients, Bannon provides unrivalled technical skills and expertise utilising an in-depth insight into and knowledge of the commercial property market.
While Bannon endeavours to reach negotiated settlements in each instance that they are engaged, this does not always prove possible. The Rent Review Clause provides a mechanism of Third-Party adjudication should there be a failure to reach a negotiated settlement.
This can take the form of Arbitration or Independent Expert. Bannon has extensive experience in representing both owners and occupiers in these proceedings. They can take the form of written submissions and counter submissions or attendance at an oral hearing.
The depth of experience in our rent review team:
Director, Des Byrne, is one of the most experienced rent review experts in Ireland. He also has significant experience in the area of Arbitration, as well as acting as advocate and expert witness in third party rent review disputes. Des is actively involved with the RICS Ireland and is the current Chairman. Des has previously served as President of the Society of Chartered Surveyors in Ireland (SCSI) and as Chairman of the General Practice Division of the Society.
Divisional Director, Ben Semple, is a Chartered Surveyor and RICS Ireland Registered Valuer and is involved in Rent Reviews for Dundrum Town Centre on behalf of Crossridge Investments and the provision of general property and acquisition advice to MRPI.
Managing Director, Paul Doyle, has 28 years’ experience in all aspects of commercial property, including rent reviews. Paul’s rent review experience has been across the sectors, representing both occupiers and owners through negotiated settlements and also at Arbitration.
Director, Niall Brereton, is a RICS Registered Valuer and undertakes valuations in full compliance with ‘Red Book’ standards.
Bannon is delighted to have been retained as Property Managers for The Mill Shopping Centre in Clondalkin following the recent sale. The Mill is a popular Shopping Centre located in the heart of Clondalkin Village. We are looking forward to working with the new owner on this instruction.
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team highlight Irish occupiers and franchisees with ongoing expansion requirements.
Separately in our “Expert Insight” section Neil Bannon looks at recent household net worth data from the Central Bank of Ireland and the impact that a reduced gearing ratio may have on retail spend.
To view the full report, please click here.
One week on from our Property Management Conference, we’re still buzzing from the inspiring discussions and thought-provoking insights shared by our esteemed keynote speakers; Adam Harris (AsIAm – Ireland’s Autism Charity), Dr. Paul Cummins (SeaChange Ltd.), Ian Hunter (Swords Pavilions Shopping Centre), Shirley Delahunt (Athlone Towncentre), Jack Martin (The Square Tallaght) and Adam Merriman (Evia Sustainable Real Estate).
Here are some of the highlights of the day📽
What a great day at our inaugural Property Management Conference, held at Castleknock Hotel building a future focused retail environment prioritising accessibility, sustainability and health and safety.
We would like to thank our keynote speakers Adam Harris (AsIAm – Ireland’s Autism Charity), Dr. Paul Cummins (SeaChange Ltd.), Ian Hunter (Swords Pavilions Shopping Centre), Shirley Delahunt (Athlone Towncentre), Jack Martin (The Square Tallaght) and Adam Merriman (Evia Sustainable Real Estate) for their insightful discussions on how we are embracing change.
A final thank you to the Bannon team for the work behind the scenes to make this day of networking and idea sharing happen.
𝗧ogether 𝗘veryone 𝗔chieves 𝗠ore (𝗧𝗘𝗔𝗠)
What a wonderful achievement! We want to congratulate the accomplishments of two exceptional members of our team, Cillian O’Reilly and Jamie Brindley, on passing their APC Final Assessment and becoming Chartered Surveyors and members of the SCSI – Society of Chartered Surveyors Ireland and RICS! It’s a testament to their hard work and dedication to their profession.
OAKBERRY have recently opened their second Irish store in Blackrock, Dublin.
Oakberry, the world’s leading providers of Acai Bowls with over 700 stores worldwide, have officially opened their doors on Blackrock’s Main Street. The brand is committed to bringing health-conscious, delicious options to their customers, with other locations due to open in the coming months.
Bannon are now seeking opportunities nationwide for openings in Q3/Q4 of this year. If you have any potential locations in mind, please don’t hesitate to reach out to Mark Hayden or Daniel Murphy.
The Harcourt Building is an iconic 60,000 sq ft piece of office real estate in Dublin city. It features two retail units on the ground floor and boasts occupiers such as Investec, Bloomberg, Starbucks, and Foody’s Pharmacy. Led by Sarah Fortune, Bannon has been appointed as Property Managers for this prestigious asset.
Sarah has an in-depth knowledge of the building having originally managed it in 2007. She brings dedication and an exceptional office management service that will benefit both occupier and owner as the building undergoes significant capital expenditure. This includes a major refurbishment of the bespoke glass lifts and a comprehensive review to increase the building’s BER (Building Energy Rating), ensuring a sustainable future.
The Harcourt Building marks the addition of another property to the expanding Bannon office portfolio and we look forward to delivering a high standard of management services.
In a world of constant change, taking on a new path can often feel like embarking on a journey of a hundred steps. Each step is a new challenge, opportunity to grow both personally and professionally, a chance to learn the new skills. As someone who has made the leap of faith from the mountain of hospitality to the dynamic field of commercial property management, I can vouch for the transformative power of such a transition.
My journey began in the financial sector – until the financial crisis struck and I had to explore another opportunity. The road to a new stage of my life led me to Ireland, where I have began my journey in the hospitality business, perfecting my skills in customer service, operations management, and team leadership. Years of perfecting my skills were recognised in a number of professional achievements and honoured by Irish Hospitality Institute award in 2019 for the best ‘’Food and Beverage Manager of the Year’’. While I thrived in the fast-paced environment, I found myself drawn to the field of property management – a field where attention to detail, customer relationships and strategic thinking are paramount.
The decision to make this move from the hospitality business to commercial property management was not made easy. It required careful consideration, self assessment and willingness to make a leap of faith into the unknown. However, I was determined to make a change and explore new avenues of professional growth.
With guidance from my colleagues, the first steps were to acquire all the necessary technical knowledge and skills in commercial property management, occupier and owner relations and lease agreements.
However, the career change from hospitality to commercial property management was not just about technical knowledge – it also required a shift in my mindset. While the hospitality industry focuses on creating experiences for guests, property management is focused on creating value for owners and occupiers. This shift in perspective allowed me to leverage my background in hospitality to enhance the user experience, improve engagement with suppliers and drive service standards across the portfolio.
Another important step on my professional journey was building a professional network and relationships in the real estate industry. I actively participated in networking sessions and attended industry events. By making professional connections and expanding my knowledge base I became more confident in my line of work.
As I progressed on my journey, I encountered numerous challenges and setbacks. From managing complex maintenance contracts to navigating complex lease agreements, each challenge presented an opportunity to learn and develop. By going through this experience, I was able to overcome all obstacles and gain confidence in my abilities.
Today, as I reflect on my journey from hospitality to commercial property management, I am grateful for the experiences that have shaped me into the real estate professional I am today. While the transition may have been daunting at times, it has been immensely rewarding.
In conclusion, the transition from hospitality to commercial property management is not just a career change—it’s a rewarding 100 step journey. So, take that first step and embark on your journey—you never know where it might lead you.
Author: Alex Staskunas, Property Manager, Bannon
Date: 7th May 2024
The next phase of openings in The Crossings @ Adamstown is under way! Urban Vets and THE GRAFTON BARBER have now opened their new stores, in what will be the new Village Centre for the Adamstown area. They join Tesco and Aldi who are already open and trading. The Urban Vets and Grafton Barber additions are the start of the 20 further retail and food units which will make up The Crossings.
Demand for the scheme has been strong and we are excited that more lettings will be announced very soon. We look forward to seeing more stores opening and the creation of the Village Centre which will become a hub for the wider Adamstown community.
For more information on the few remaining units feel free to contact Darren Peavoy or Mark Hayden.
Great to see The Pantry now open and trading in The Swan Shopping Centre, Rathmines. A really nice brand providing a high quality food offer to compliment the existing tenant mix. Further new store openings to be announced in the coming weeks.
We have limited space remaining, please don’t hesitate to get in touch with Jennifer Mulholland to discuss any requirements.
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team focus on the Food & Beverage sector and in particular the most active brands in the market place.
Separately in our “Expert Insight” section Neil Bannon looks at the most recent CSO data, specifically retail sales, inflation and household savings. Are Irish consumers ready to break open the Piggy Bank?
To view the full report, please click here.
“Barringtons Hospital is an iconic and historic feature of Limerick City Centre, in use as a hospital for close on 200 years”
Bannon is pleased to offer Barringtons Hospital in Limerick for sale with Vacant Possession and with an element of the current medical fit-out remaining in-situ. The sale of the fully operational 53 bed private hospital comes as our client, Bon Secours Health Systems CLG, relocate to their new state of the art 170 bed hospital facility in Ballysimon, Co. Limerick in 2025.
This unique sale offers a new owner the opportunity to carry the mantle of Barringtons into its next phase. Barringtons Hospital extends to a total of 54,638 sq.ft with a mix of modern and protected interconnecting structures and would suit a variety of uses including medical/hospital/health/surgical hub. Alternatively, given its central location and large footprint, the property could suit uses such as a hotel, educational facility or residential, subject to planning permission.
For further information, please contact Daniel Murphy, Paul Doyle or Neil Bannon on 01-6477900.
The Bannon Retail Team at Completely Retail Marketplace today with good interactions and positive discussions taking place with retailers looking to expand.
James Quinlan Darren Peavoy, Jennifer Mulholland and Daniel Murphy
Sligo business leader Christine Dolan has been named Business All-Star Shopping Centre Industry Business Person 2024 by the All-Ireland Business Foundation.
Christine is the Centre Manager of Quayside Shopping Centre located in the heart of Sligo Town.
For almost two decades, Quayside Shopping Centre has consistently upheld the highest standards of trust, commitment, performance, and customer centricity.
Distinguished by its unique combination of open streets and covered malls, Quayside Shopping Centre is meticulously designed to cater to the needs of contemporary retailers while ensuring that customers enjoy a relaxed, secure, and convenient shopping experience.
Much of the centre’s welcoming atmosphere is down to the direction of Christine Dolan who has put local customers at the very heart of the Sligo business.
Her innovative marketing, customer engagement, and tenant relations strategies have distinguished Quayside as an industry leader, offering a diverse shopping experience.
Business All-Star Shopping Centre Industry Business Person 2024 accreditation comes in recognition of her performance in her role as Centre Manager.
Announcing the news of Christine’s achievement, Deputy Chair of AIBF’s Adjudication Board, Kieran Ring, said:
“I am delighted to acknowledge Christine Dolan, Centre Manager of Quayside Shopping Centre, as the Business All-Star Shopping Centre Industry Business Person Of The Year 2024. With her extensive experience and deep understanding of retail, Christine’s leadership has made quayside a vibrant retail hub. Her innovative marketing, customer engagement, and tenant relations strategies have distinguished Quayside as an industry leader, offering a diverse shopping experience.”
Reacting to the news of her company’s achievement, Quayside Centre Manager Christine Dolan said:
“At Quayside Shopping Centre, we have always strived to uphold the highest standards of excellence, driven by a commitment to our customers and community. This recognition underscores the dedication of our entire team and reaffirms our commitment to delivering an exceptional shopping experience in the heart of Sligo. Together, we will continue to innovate, engage, and serve our loyal customers, ensuring that Quayside remains a vibrant hub for our community. Thank you to the AIBF for this meaningful recognition.”
Managing Director of the All-Ireland Business Foundation Kapil Khanna said: The accreditation, which is now held by over 650 firms, is needed by the thousands of small and medium businesses which operate to their own standards but have nothing to measure them by.
He said: We evaluate a company’s background, trustworthiness and performance, and we speak to customers, employees and vendors. We also anonymously approach the company as a customer and report back on the experience. The business goes through at least two interviews and is scored on every part of the process against set metrics.
Article Published by All Ireland Business Times
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:
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).”
Congratulations to Alison Manning on achieving her certification as a Fitwel Ambassador for Bannon. Joining the movement towards healthier, more sustainable spaces. Fitwel, a leading certification system promotes wellness in buildings and communities, fostering environments that enhance health and productivity. Alison is committed to applying this newfound knowledge in her role to contribute to creating a more sustainable environment.
Congratulations to Richard Merriman and Iain McGann on their promotions to Associate Director in the Bannon Property Management team. Richard and Iain play key roles in managing our property portfolio across the retail and office sectors nationwide. Wishing them both the very best of luck as they continue to be an integral part of growing the firm.
The Central Bank of Ireland’s most recent stats of household savings for February 2024 were neutral, having only increased by 0.7% from January. Reflecting on previous years statistics can provide a better insight into the extent of household savings in Ireland. Since 2019, savings have risen to 47%. This echoes the public’s continued desire to save since the financial crash of 2008. The public has remained cautious with their money since the crash with household savings having increased 85% from 2008. Annual household savings have begun to stabilise in recent years. The increase in savings from February 2021 to 2022 was 7.2%, dropping to an increase of 5% from February 2022 to 2023. In the last year it increased by only 3.3%, reaching €153.6bn.
This is interesting from a consumer spend perspective. Whenever Irish consumers are eventually comfortable with the level of their savings, now an average of over €30,000 per person, will the surplus cash that they have been squirreling away find its way into the tills of Irish retailers?
The Central Bank of Ireland released their statistics on household debt for February 2024. The 12 months to February 2024 saw a €1.33bn rise in household debt, a 1.3% increase. Some of this increase might be reflective of the ongoing growth in housing construction leading to more new mortgages being drawn down. The level of household savings however remains 52% higher than debt, reaching €153.6bn compared to €101.3bn in household debt this February. The continued strength of the Irish consumer balance sheet supports a very positive outlook for consumer spending going forward.
The Vacant Property Refurbishment Grant recently caught my eye as I saw it being availed of by very enthusiastic participants. It has become the catalyst for many residential refurbishments around the country. The scheme is funded by the Croí Cónaithe (Towns) Fund “with the aim of bringing vacant and underused buildings back into residential use”. From what I can see the Grant is particularly popular in provincial areas where it is otherwise unviable to refurbish a property due to lower end values.
There are two main criteria to the Grant; it must have been vacant for at least 2 years; it must have been built before 2008. Then there are two forms of the grant:
The grants are inclusive of VAT and the required expert certification is of course required confirming the prior status of the property. When works are complete the property is to be used as either a principal private residence or to be made available for rent.
Interestingly, the grant can be availed of on a property that was not previously in residential use. What also caught my own attention is that the grant is now not only available to owner-occupiers, but also to investors.
This is a generous and creative concept from government, so long as it is well managed. It will assist in the supply of much needed rented residential accommodation, as well as providing an owner-occupier home for those who have secured a vacant or derelict property and are faced with the challenge of an expensive refurbishment programme. It should also assist in the rejuvenation of urban areas and town centres where vacant buildings, previously in commercial use, require to be repurposed in order for them to be reutilised and avoid dereliction.
Author: Paul Doyle, Managing Director, Bannon
Date: 10th April 2024
The office market experienced another subdued quarter with just 197,415 sq.ft. of space transacting over 35 deals. This represents a fall on the same quarter of 2023 where 283,734 sq.ft. of space transacted and a fall from the 357,694 sq.ft. experienced in Q4 2023. Small floorplates continue to attract high levels of demand with average deal sizes reaching 5,640 sq.ft., representing a material change from 8,129 sq.ft. last quarter.
On a positive note, heading into Q2, approx. 811,571 sq.ft. of space is “reserved” but this number appears to be continually rolling over into each subsequent quarter.
With Bannon being the largest managing agent of retail properties in the country and welcoming over 100 million people to our various schemes on an annual basis, health and safety is paramount on our list of priorities. Since 2016, Bannon has worked in partnership with health and safety consultants SeaChange Ltd.
SeaChange conducts annual audits across the Bannon property management portfolio. The work involves a risk assessment along with the preparation of a safety statement. Each site adopts the SeaChange Slip, Trip and Fall Prevention system and has access to the SeaChange client portal to track safety KPIs.
Among our properties, Athlone Town Centre has consistently excelled through this rigorous process. Achieving a high score necessitates hourly checks, contributing to an outstanding compliance rate of 92%. In 2023, nearly 6,000 checklists were completed, showcasing remarkable dedication from the onsite team in safeguarding all visitors and staff at Athlone Town Centre.
Thanks to these concerted efforts, Bannon has observed the lowest number of recorded incidents in the centre since it opened 17 years ago. This dedication has resulted in Athlone Town Centre being one of the top scoring shopping centres in the country with an annual SABRE audit score of 4.1 out of 5. The SABRE audit is carried out once a year and the benchmark for safety culture.
The centre manager Shirley Delahunt comments ‘As a team, we have been using the SeaChange system in Athlone Towncentre for the last number of years. Despite reservations at the outset that this would add an additional administrative layer, seeing the SeaChange system in operation we quickly realised how agile and intuitive it was and how it could be used to complement and enhance the processes in place.
The introduction of the SeaChange system and use of the app gave us a structure within the area of Health and Safety that we previously lacked. As a team, we have tailored the SeaChange system to our site-specific requirements, using it to monitor all elements of health and safety as well as creating bespoke checklists and patrol requirements for the site. The ease of use of the SeaChange app and portal has really assisted us in securing buy-in from all team members on-site. It has meant that health and safety within the site has now become the responsibility of everyone as opposed to a few. The reporting function allows us to continually monitor our performance and clearly identify any areas of deficiency.’
Athlone Town Centre consistently scoring a Gold rating on an annual basis is a testament to the team on the ground. We, at Bannon, are immensely proud of our onsite team and their continuous dedication to this cause on a daily basis.
Author: Brian Geraghty, Surveyor, Bannon
Date: 8th April 2024
A disappointing quarter but our Capital Markets director Roderick Nowlan is calling the bottom of the market at least in terms of transactional activity. Check out our latest investment pulse below.
To view the full report, please click here.
Congratulations to Petstop on the opening of their new store in Wexford! The quality of fitout and the range of pet products on offer is truly impressive. We wish the team all the best with their new store and look forward to the next opening in the coming weeks. Well done!
Image by: Petstop
Bannon’s latest monthly Retail Pulse has now gone live.
In this publication, Neil Bannon highlights that consumer spending keeps pace with inflation supporting continued high occupancy levels.
To view the full report, please click here.
The arrival of Specsavers to Gateway Retail Park marks full occupancy at the thriving shopping hub. Specsavers is a trusted occupier across multiple locations within the Bannon portfolio. The Property Management team works closely with the retailer to support its expansion. Join us in congratulating Specsavers as they continue their growth plans in Ireland.
Specsavers have just opened their newest optical and audiology store in Gateway Shopping Park, Galway. The 4,300 sq. ft. letting brings Phase 2 of the scheme to full occupancy. A great achievement for all involved as this is the largest retail development in the West of Ireland in recent times. Gateway Retail Park now boasts a strong and diverse tenant mix and is proving a strong draw for Galway shoppers.
Get in touch with Darren Peavoy to discuss further letting opportunities.
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