Walkers to lease Exchange penthouse in IFSC

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The international law firm Walkers will double its Dublin office space when the firm moves shortly to The Exchange at the International Financial Services Centre.

Walkers will occupy 1,781 sq.m (19,178 sq.ft) on the penthouse floor of the five-storey building, which has an overall capacity of 9,986 sq.m (107,500 sq.ft). Walkers will pay a rent of €538 per sq.m (€50/sq.ft) under a long-term lease agreement.

The firm has been based in Ireland since 2010. Its primary focus is to provide the cross-Border market with legal, taxation and listing services. The firm also advises international and domestic financial institutions, corporates and real estate developers on a range of Irish law and taxation matters.

The Exchange was developed by the Cosgrave Group in conjunction with the IPUT pension fund. The new office block fronts on to Mayor Street and is located beside George’s Dock Luas station.

Louise Doherty of Bannon acted for the tenant.

Article

Applegreen’s Navan service station to opens today

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Applegreen’s new service station in the Navan Retail Park will open today, creating 50 new jobs.  It is Applegreen’s second service station in Navan, with one already located on the Kentstown Road. The new service station is located on the Northern Link Road which connects north Navan to the M3 motorway and caters for over 34,000 cars every day.

Services at the new 24-hour Applegreen station include; Shop, Bakewell Café, Burger King (including drive through), Subway, Splitz ice-cream, barista coffee, self-service and automated carwash, seating area for 110, children’s play area, ATM, Lotto, Payzone, WIFI, truck stop, car park and toilet facilities.

For every cent spent in the shop, Applegreen says it will donate 1 cent to its Charitable Fund. Applegreen’s chosen charities for 2018 are Focus Ireland, Irish Youth Foundation, Debra Ireland, Friends of the Cancer Centre and Food Cloud.

Ahead of the opening of Applegreen Navan Retail Park, Conor Lucey, Head of Retail Operations Ireland said: “As an Irish Forecourt Retailer we are delighted to be opening our second site in Navan and to be offering a wide range of facilities and products. We’re looking forward to serving the local community in Navan, providing 24-hour low fuel pricing, top food offerings whilst also creating over 50 new jobs.”

Bannon handled the letting on behalf of Sigma Retail Partners.

Posted Article

Ireland is world’s eighth-most ‘inclusive’ advanced economy

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Ireland is the world’s eighth-most “inclusive” advanced economy, based on a measure from the World Economic Forum (WEF), which looks beyond economic growth data to examine living standards, environmental sustainability and protection of future generations from indebtedness.

The ranking marks an improvement on Ireland’s 12th place among 29 advanced economies in a previous report published by the WEF, organisers of the annual Davos conference taking place this week.

“Our reliance on GDP [gross domestic product] of national economic achievement is fuelling short-termism and inequality, and leaders must urgently move to a new model of inclusive growth and development,” according to the WEF report, published on Monday, on the eve of the four-day gathering in the Swiss ski resort.

‘Virtuous circle’

“Decades of prioritising economic growth over social equity has led to historically high levels of wealth and income inequality and caused governments to miss out on a virtuous circle in which growth is strengthened by being shared more widely and generated without unduly straining the environment or burdening future generation,” it said.

The WEF gathering of the world’s political and corporate leaders, alongside a smattering of celebrities, at Davos every year since 1971 has itself been criticized over the decades for its perceived elitist nature.

This year’s attendees include US president Donald Trump, Taoiseach Leo Varadkar, Minister for Finance Paschal Donohoe, French president Emmanuel Macron along with Bank of America chief executive Brian Moynihan, Microsoft CEO Satya Nadella, actress Cate Blanchett and musician and producer Will.i.am.

Norway has topped the list of the worlds’ most inclusive advanced economies, followed by Iceland, Luxembourg, Switzerland and Denmark. The UK came in 22nd and the US 23rd, with Italy, Portugal and Greece taking the bottom three slots on the list of 29 countries.

The index looks at a series of gauges, from GDP per capita to life expectancy, employment rates, median income, public debt, carbon emissions based on the size of the economy and ratio of the young and elderly depending on people in the workforce.

Article in the Irish Times

Irish shoppers spent an extra €90m on groceries over the festive period

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It is estimated that Irish shoppers spent an extra €90m on groceries over the festive period, according to the latest grocery market share figures from Kantar Worldpanel in Ireland, published today for the 12 weeks ending 31 December 2017.

Among the retailers, Dunnes Stores remained the top Irish supermarket. The grocer captured a market share of 23.0% – up 0.3 percentage points on this time last year – and achieved its strongest sales growth since May 2017, up 4.9%. Dunnes Stores’ customers remain loyal to the store, with perks such as the ‘Shop and Save’ campaign encouraging customers to add extra items to their shopping baskets.

Tesco also performed strongly, achieving its highest sales growth since February 2011, up 5.8%. The supermarket’s impressive growth helped it increase its market share by 0.5 percentage points compared to this time last year, and it now stands at 22.8%. SuperValu clocked in sales growth of 2.0%, with the grocer encouraging customers to spend an extra 70 cents every time they shop.

Historically, Kantar say shoppers have chosen to trade up over the Christmas period, however, Lidl seems to have broken the trend this year. The retailer enjoyed a positive performance over the Christmas period, with market share rising to 10.4% thanks to sales growth of 4.8%. While Aldi saw sales rise by 0.9% this was below the overall market level and led to a slight dip in market share – down 0.3 percentage points compared to this time last year.

According to the figures, the trend towards online shopping is showing no signs of slowing down. Online grocers experienced impressive sales growth of 24%, which boosted their share of the market to a record 2.3% over the Christmas period. Although grocery e-commerce shoppers haven’t increased in number, customers who already shop online have upped the frequency of their purchases with, on average, one extra order placed over this period.

Commenting on the figures, Director at Kantar Worldpanel, David Berry said, “Over the Christmas period the average household spent a record €1,532 on groceries – an increase of €38 compared to last year. Much of this increase has been driven by staple items, with fruit, vegetables, meat and poultry posting a combined sales increase of €28m. Shoppers were also partial to a Christmas tipple with sales of alcohol up almost 6% – a boost of €13 million. Wine was the drink of choice this year with white wine and red wine sales up an impressive 10% and 12% respectively.”

Article in the www.businessworld.ie

Residential property prices rise by 11.6% in the year to November

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In the year to November, residential property prices at national level increased by 11.6%. This compares with an increase of 11.8% in the year to October and an increase of 9.2% in the twelve months to November 2016.

In Dublin, residential property prices increased by 11.3% in the year to November. Dublin house prices increased 11.5%. Apartments in Dublin increased 11.8% in the same period. The highest house price growth was in Dublin City, at 13.3%. In contrast, the lowest growth was in Dun Laoghaire-Rathdown, with house prices rising 10.8%.

Residential property prices in the Rest of Ireland (i.e. excluding Dublin) were 11.7% higher in the year to November. House prices in the Rest of Ireland increased 11.6% over the period. The West region showed the greatest price growth, with house prices increasing 16.0%.  The Mid-West region showed the least price growth, with house prices increasing 8.9%. Apartment prices in the Rest of Ireland increased 13.2% in the same period.

Overall Decline

Overall, the national index is 23.1% lower than its highest level in 2007. Dublin residential property prices are 24.1% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 29.2% lower than their May 2007 peak.

Recovery

From the trough in early 2013, prices nationally have increased by 71.6%. Dublin residential property prices have increased 88.1% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 62.8% higher than the trough, which was in May 2013.

CSO reports

Retail Sales volume increased by 2.6% in November 2017

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The volume of retail sales increased by 2.6% in the month of November, with an annual increase of 6.8%. If Motor Trades are excluded, there was an increase of 1.9% in the volume of retail sales in November 2017 when compared with October 2017 and there was an increase of 7.6% in the annual figure.

The sectors with the largest monthly volume increases were Electrical Goods (14.5%), Department Stores (6.7%) and Other Retail Sales (5.7%). The sectors with the largest month on month volume decreases were  Pharmaceuticals Medical & Cosmetic Articles (-11.2%), Bars (-1.5%) and Books, Newspapers and Stationery (-1.2%).

There was an increase of 2.6% in the value of retail sales in November 2017 when compared with October 2017 and there was an annual increase of 4.4% when compared with November 2016. If Motor Trades are excluded there was an increase of 1.2% on the month and an increase of 4.5% in the annual figure.

CSO reports

PTSB bank branch in D2 sells for €1.5m

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A PTSB bank branch at 4 Upper Baggot Street, Dublin 2, has been sold as an investment for €1.5 million. The Georgian terrace building is internally linked with the adjoining corner building fronting on to both Haddington Road and Upper Baggot Street.

PTSB’s lease has another eight years to run on a rent of €102,500. The investment will show a return of 6.5%.

TWM handled the sale and David Carroll of Bannon acted for the purchaser.

Article in the Irish Times

 

Prime Temple Bar retail block sells for €11.2m

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The busiest retail block in Dublin’s Temple Bar area, including the Elephant & Castle restaurant, has been bought by a fund managed by Davy Real Estate. The €11.2 million paid for the Crampton Buildings is almost €3 million more than they made just over three years ago when they were acquired by the Dublin-based investment manager Ardstone Capital and CBRE Global Investment Partners.

Separately, the Elephant & Castle business was recently bought from a New York company by Paddy McKillen jnr’s Press Up Entertainment Group with another 13 years to run on the lease and renewal rights after that. The company will consider opening another branch if suitable premises are found.

In the meantime, the Davy fund can bank on a net initial return of 5.76% on the block after acquisition costs are taken into account.

Ardstone purchased the Temple Bar property from Bank of Scotland (Ireland) in a considerably weaker market in the summer of 2014 when it was listed among a number of distressed assets held by Treasury Holdings before it was wound up.

10 separate retail and restaurant units

The Crampton Buildings comprise 10 separate retail and restaurant units extending to 1,580 sq.m (17,000 sq.ft) and fronting on to Temple Bar, Bedford Row and Crampton Quay beside the Ha’penny Bridge. More than 55% of the €700,000 rental income comes from three of the 10 traders: Elephant & Castle (€160,000); Gallagher’s Boxty House (€120,000) and Café Nero Ireland (€120,000). The three strongest performing businesses face directly on to Temple Bar’s busiest street.

Starbucks is the latest trader to move into the block, taking a prominent corner unit at Crampton Quay at a rent of €75,000. In another notable change, units 5 and 7 along the quays were amalgamated to accommodate Forbidden Planet which pays €55,000 on a lease that runs until 2021. Otherwise, the average weighted unexpired lease term for all the units has around 13 years to run.

Ardstone’s intensive asset management of the block led to six new leasing transactions during its ownership and a 30% increase in the rent roll.

David Carroll of Bannon, who handled the lettings and the sale, said they had recorded strong interest in the large block from a range of investor types. The location, asset quality and income sustainability was a big draw to interested parties and led to a prompt sale.

The Crampton Buildings are the last commercial investments in the Ardstone fund which previously offloaded office developments such as Fleming Court and 2 Harbourmaster in the IFSC, 100 Mount Street and Velasco office block on Clanwilliam Terrace. The commercial assets were sold to institutional investors over the past 18 months and the company has since changed direction and moved into the new homes market.

Article published in the Irish Times

Retail sales up 4.5% in October compared with last year

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The volume of retail sales was up 4.5% in October compared with the same period last year, but was flat compared with September, the latest figures from the Central Statistics Office show.

If motor trades are excluded, there was a decrease of 0.3% in the volume of retail sales in October compared with September, and there was an increase of 6% in the annual figure.

The sectors with the largest monthly volume increases were pharmaceuticals, medical and cosmetic articles (7.3%); fuel (1.3%); and clothing, footwear and textiles (1.3%).

The sectors with the largest month-on-month volume decreases were books, newspapers and stationery (-2.5%); electrical goods (-2.1%); and other retail sales (-2.1%).

There was a decrease of 0.1% in the value of retail sales in October compared with September and there was an annual increase of 2.5% compared with October last year.

If motor trades are excluded, there was a decrease of 0.3% on the month and an increase of 3.7% in the annual figure.

An analyst with Davy said the data showed “something of a pause in growth” last month, but that the outlook “remains positive” with employment and wages continuing to grow strongly.

Merrion economist Alan McQuaid said retail sales “remain erratic” on a monthly basis, but that the underlying trend is “positive”.

“While most attention has been on new car sales in the past couple of years, which will be lower in 2017 than 2016, personal spending in other areas has picked up over the same period and is becoming more broad-based,” he said.

“Despite the fluctuation in consumer sentiment since the start of last year, overall personal spending was quite robust in 2016, with headline sales up 6.7% on average in volume terms, albeit lower than the 9.5% rise posted in 2015.”

Weakness

Mr McQuaid said that even allowing for the weakness in sterling since last year’s Brexit referendum, which has enticed some shoppers to spend in Northern Ireland, retail sales in the Republic “have held up quite well”.

“Indeed, VAT receipts for the year to date are running ahead of official Department of Finance expectations,” he said.

“However, with the pound still very weak in relative terms, the worry for retailers is that more and more shoppers will head North between now and year-end, especially for the busy Christmas period.

“Still, personal spending growth is expected to be positive again in 2017, boosted by the continued fall in unemployment, but with the overall increase in headline sales likely to be lower than last year.

“Taking all the factors into account, we are now forecasting headline retail sales volume growth of around 3.5% in 2017.”

Article in the Irish Times

Bannon raises €20,000 for Irish heart Foundation

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Staff from Bannon Commercial Property Consultants took on a Spinathon in Nutgrove, Pavilions, Blanchardstown, Athlone and Swan Shopping Centre on September 2nd in aid of Irish Heart Foundation.

Irish Heart is the national charity fighting heart disease and stroke. Their mission is to affect positive change in the lifestyles of Irish people, to achieve better outcomes for those affected by heart disease and stroke and to challenge when the health of our nation is put at risk.

Every hour someone in Ireland suffers from a stroke. Every day, hundreds of Irish people are diagnosed with heart disease.

Thank you to everyone involved and the generous donations made. The total donated is €20,000.

Join Irish Heart in the fight against heart disease and stroke.

www.justgiving.com/fundraising/bannon2017fundraiser

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