HMV reopening in their original Henry Street store is great news for the Street! More new store openings to follow…
The Dublin office market is experiencing a game of musical chairs as environmental, social and governance (ESG) goals and policies drive office occupiers to relocate to more sustainable, greener buildings. This has been further accelerated by changing occupier demands. It has created a redevelopment and refurbishment opportunity that attracts occupiers from older, so-called brown buildings.
Many owners and occupiers recognise the opportunity to achieve their ESG goals and policies while reducing occupational costs. Moreover, the ability to attract high-quality occupiers is only possible with a green building. The game of musical chairs provides vacant possession to allow the redevelopment or refurbishment of brown buildings, thus enhancing the value of the asset.
One example of this trend is AIB’s decision to vacate Irish Life’s 1 Adelaide Road base and consolidate to 10 Molesworth Street. This move allowed Deloitte, which occupies Deloitte & Touche House on Earlsfort Terrace, to commit to the redeveloped 1 Adelaide Road. As a result, the Earlsfort Terrace property will become available to Iput for its proposed redevelopment.
[ Older office buildings can be as good as new. They’re often even better ]
Another example is the relocation of An Garda Siochana from its Harcourt Street headquarters to the recently completed Walter Scott House on Military Road. Hibernia Real Estate Group swiftly demolished the building, paving the way for the construction of Harcourt Square, which will become KPMG’s new Dublin office upon completion. This shift will result in Kennedy Wilson achieving vacant possession of KPMG’s office on Stokes Place, which received the green light from An Bord Pleanála earlier this year.
Waterfront South Central in Dublin’s north docklands is set to become the new European headquarters of Citi Group. The deal was made with Ronan Group Real Estate (RGRE), which acquired Citi Group’s premises at 1 North Wall Quay. The current premises will no doubt be redeveloped or refurbished and reintroduced to the market as a green building.
Aside from the discussed redevelopment opportunities, there are significant quantities of grey space available, including Fibonacci Square, which is being leased by Meta; 1 Cumberland Place, leased by Twitter; and 2 and 3 Wilton Park, leased by LinkedIn. This Grade A ESG-compliant space will undoubtedly be involved in the next round of musical chairs in the Dublin office market. As occupiers of older buildings take up this space, it will free up further development opportunities. The attractiveness of these options to developers will depend on the specifics of the building, location, floor-to-ceiling heights, and the practicality and cost of upgrading them to either new offices or alternative uses.
The game of musical chairs has created opportunities for owners and occupiers to achieve their ESG goals and policies while simultaneously reducing occupational costs. This trend also presents an exciting opportunity for the redevelopment and refurbishment of brown buildings and the enhancement of asset value.
Lucy Connolly is divisional director and head of offices at Bannon
After the sold-out Property Picnic 2023 in aid of Cancer Trials Ireland, why not join us at House Dublin on Leeson Street for the official afterparty!
Raffle Prizes here
Donate here
Red Rock Developments Ireland Core Capital Limited, Hibernia Real Estate Group Ltd, Glass Bottle, Mastertech Group, Matheson LLP, MCR Group, PrepayPower
We are delighted to announce the raffle on the night sponsored by Red Rock Developments Ireland will include headline prizes such as:
– 4 “Platinum Tickets” to Harry Styles: Love on Tour 2023 at Slane Castle
– €750 Brown Thomas Voucher plus Platinum Membership
– 2 Tickets to a Rugby World Cup 2023 Semi Final at Stade de France – Saturday 21st October
– Case of Red Wine (Monte Real Reserve 2019)
Support Firm Raffle – Sponsored by
4 x yearly subscriptions worth €250 each
Tickets are available from volunteers on the night!!
Bannon’s latest monthly Retail Pulse has now gone live.
In this publication Neil Bannon discusses the up to date retail sales figures recently published by the CSO and how Irish consumers continue to confound predictions.looks at the stark decrease in the household debt to income ratio and what this might mean for the retail sector
To view the full report, please click here.
We are delighted to announce Prepay Power are joining Core Capital Limited, Hibernia Real Estate Group Ltd, Glass Bottle, Mastertech Group, Matheson LLP and MCR Group as keystone sponsors for Property Picnic 2023 in aid of Cancer Trials Ireland.
With less than two weeks to go tickets are selling fast so get yours now to avoid disappointment.
Buy tickets here
Donate here
The Bannon Property Management Team has continued its growth from 2022 with a number of new instructions across the island. Q1 of 2023 has started off on the same footing with a number of new hires across the surveying and accounts team. Bannon now manages more than 1 in 4 of Irelands Shopping Centres & Retail Parks welcoming over 100 million customers every year. While the majority of our instructions are retail (Shopping Centres or Retail Parks), we also manage an increasing number of office buildings, most particularly in Dublin. This has required the team to focus on the sustainability aims of our clients and putting in place projects to achieve the goals.
The department has a 40-strong team of surveyors and accountants from 10 counties across Ireland. This is representative of the portfolio as we manage assets across all 4 provinces as we continue to grow our presence as a nationwide business.
The Bannon Head Office is based in Dublin, however, the firm adopts a hybrid working model for the Property Management Team. In several cases our surveyors live and work in the locality of the assets they manage.
The geographical spread of the Bannon portfolio and the surveyors who work with them, give us unique insights into the locality in which assets are located. Local knowledge is essential to ensure that the needs of local customers are met.
With recent instructions in Cork City and Cork County Bannon now has a major presence in the Cork market. This is in addition to new shopping centre management instructions in Waterford and Kilkenny.
If you want to talk to the Bannon team about managing a commercial property asset or are interested in joining Ireland’s fastest growing property management team, please check out www.bannon.ie.
Author: William Lambe, Divisional Director, Bannon
Date: 4th May 2023
When the team at Bannon decided last year to organise a fundraiser for Cancer Trials Ireland in memory of their colleague Louise Creevy (née Doherty) who had sadly passed away, they thought it would be a one-off event. Such was the success of the Property Picnic, however, more than 650 guests from across the industry turned up for the gathering at 1WML in the Windmill Quarter and raised €170,087 in the process.
Given the picnic’s popularity, and with the funding raised contributing to trials in which 144 cancer patients in Ireland got to avail of cutting-edge treatments that they could not otherwise have accessed, and at no cost to themselves or the State, it’s hardly surprising that the event is back on this year. Keystone sponsorship for this year’s Property Picnic is being provided by Hibernia Real Estate Group, MCR, Core Capital, Matheson, Mastertech, and Glass Bottle (RGRE and Lioncor). Tickets for the event, which takes place on May 18th at 1WML in the Windmill Quarter, Dublin 2, cost €55 with an additional booking fee of €5.
Commenting on the importance of events such as Property Picnic to her organisation’s work, Cancer Trials Ireland chief executive Eibhlín Mulroe said: “Cancer Trials offer treatment options to patients. First and foremost, that is why many doctors working in cancer in Ireland seek to get patients on to trials.
“Within that, fundraisers like the Property Picnic help Cancer Trials Ireland to open a very important category of cancer clinical trials known as ‘investigator-led’ – read ‘doctor-led’ – trials. These trials are non-commercial. The research questions they ask are driven by patient need rather than commercial reasons.
“Last year, Property Picnic funds went towards four such investigator-led trials. Two of the trials were breast cancer trials, one in HER2-positive breast cancer, affecting one in five women in Ireland with breast cancer, the other in triple-negative breast cancer, affecting one in eight women, and is more common in younger women. The other two trials were in prostate cancer – one trial for previously untreated high-risk, localised prostate cancer, and the other for progressive, metastatic (ie cancer that has spread from where it first formed) prostate cancer.
“With the Property Picnic’s help, Cancer Trials Ireland was able to close out three of these trials, and in one case (the high-risk, localised prostate cancer study) present findings at a prestigious international cancer conference earlier this year, which showed the trial did achieve its primary objective of reducing prostate gland volume.”
Local authorities across the country have been historically dependent on commercial rates for a significant proportion of their yearly income. It is estimated that commercial rates are worth approximately €1.5 billion annually to the local government sector. As of 2019 the Department of Housing, Local Government and Heritage reported that rates income typically represents between 20% to 30% of local authority income. The highest proportion was derived in Fingal County Council with rates revenue representing 52% of total income for that year. The proportion of rates income to total revenue is likely to increase further with the move by some local authorities to substantially reduce the vacancy credit available to owners of unoccupied commercial properties.
Since 2017 the vacancy refund allowable by Dublin City Council has been reduced from 50% to nil, meaning an owner is obliged to pay the entire commercial rates bill attached to a property regardless of whether it is occupied or not. The corresponding vacancy relief available from the other Dublin Local Authorities for the current year are as follows; Fingal 30%, Dun Laoghaire-Rathdown 35% and South Dublin 50%.
For properties situated outside the main urban local authority areas landlords typically had no commercial rates liability for vacant properties. However, with Carlow County Council opting to reduce the maximum level of vacancy credit available to 50% for 2023, other local authorities across the country may follow suit. This changing landscape should cause owners and investors to closely consider the financial liabilities associated with holding vacant commercial properties. Depending on the nature of the property in question, options which may be open to owners to reduce their liability could include undertaking works to put the property beyond beneficial use or seek a change of planning to residential use.
For more information and advice regarding reducing your commercial rates liability contact Niall Brereton, Director of Professional Services.
Author: Niall Brereton, Director, Bannon
Date: 3rd May 2023
I am in my third year of study in the Undergraduate Property Economics Degree at Technological University Dublin. I am coming to the end of my 15-week student internship where I have been able to practice and expand my understanding of the Irish commercial real estate sector. I was over the moon to discover in late October I would be commencing my internship programme in the new year with Bannon. I was eager to get started on essentially the beginning of my career and introduction to the working real estate world.
With any new experience, the beginning had challenges. I had to learn how to adapt to professional life and keep up with business jargon and technical terminologies. The culture at Bannon, however, made these procedures quite straightforward and made it effortless to fit in. People that are constantly eager to assist, open to inquiries, and sincerely interested in your success throughout the internship made me feel very welcome.
I was appointed to work with the Consultancy team throughout my stay at Bannon. A typical week consists of a Monday morning meeting with my team Neil Bannon, Cillian O’Reilly and George Colyer, where the team and I go through the week’s tasks. Tuesday I could be out with Lucy Connolly Bannon’s Office Divisional Director, doing an office inspection or measurement. Wednesday I could be doing data research, such as researching Irish and UK retail statistics and displaying the data on a graph on excel. On the last Thursday of the month a department typically hosts an internal CPD presentation followed by drinks and food, I always look forward to this as it is a good chance to socialise and get to know other colleagues in different departments, the last CPD was followed by a pub quiz! On Friday I could attend an inhouse sustainability meeting to review initiatives and track current energy consumption within the office.
I have undoubtedly gained a tonne of knowledge, developed my character and always had wonderful support. Intelligent people combined with a collaborative, caring culture create an exciting environment at Bannon; I can unquestionably say that I worked with an unbeatable team here!
We are delighted to announce House as the Food and Beverage partner for Property Picnic 2023 with entertainment on the night from 90’s supergroup Smash Hits.
Tickets on sale tomorrow!!!
Bannon Retail Team having a productive day at Completely Retail Marketplace. A lot of meetings and discussions on the Irish Retail Market. Expecting some positive news on leasing activity.
Neil Bannon comments ‘Another confirmation that the retail sector is defying gloomy predictions this time from Dublin MasterCard Spending Pulse. Sales are up YoY in all categories from Necessities to Entertainment. The data accords with results from the Bannon retail portfolio and indicates strong growth across the Country. Particularly interesting to see Household Goods holding onto and adding to the gains made in the pandemic with sales in the sector now 25% above where they were in Q 1 2020’.
Full Irish Times Article available here.
Another store acquisition on behalf of Dubray opened their doors this weekend on 39 Mary Street, Dublin 1.
Due to the continued growth of the Bannon Property Management portfolio we are delighted to welcome Sarah Fortune to the team. Sarah joins as an Associate Director and brings with her a wealth of property management experience.
Ray Geraghty – Director of Property Management commented “We are really pleased to welcome someone with Sarah’s experience to the team. Sarah is someone who is held in a very high regard in our sector and who will contribute to the ongoing growth of the Property Management department at Bannon”.
We are very much looking forward to the latest Petstop opening at Blackrock Village Centre which has an extensive range of pet foods and accessories for all pet lovers.
At Bannon we analyse two types of sustainability, environmental sustainability attributes and the sustainability of an asset’s income. Sustainability of income is important as this considers the ability of the Occupier of the asset to pay rent to the Owner based upon the business they carry out in the building. Gaining an insight into this allows an Owner to understand whether they will maintain or improve income on the occurrence of lease events such as break clauses and expiries and also assess how solid or otherwise their income is in the context of market conditions and the implementation of asset strategy. The asset class that gives an Owner the greatest opportunity to use this analysis is retail where the performance of the business within the shop is directly relevant to the stability of income the Owner receives.
Understanding the strength of the rental income by analysing the trading and commercial performance of the rent paying occupiers puts the Investor in the strongest position to negotiate and regear lease terms, react to market requirements and devise and implement strategic asset goals. Bannon carry out rental sustainability analysis for schemes utilising our depth of retail asset and occupier specific data. The occupier’s current position will be further validated by their wider commercial performance and the effect both macro and micro economic conditions may have on the occupiers and their ability to perform.
The sustainable performance of an occupier is a key consideration for maintaining and forecasting income over the period of ownership. This gives our clients a clear advantage is assessing the value of an asset and looking at acquisition opportunities. The value of retail assets, especially shopping centres, has been depressed for some time despite their proven track record of producing strong predictable cashflows. Adopting sustainable rental analysis allows our client to see past the negative sentiment and acquire income producing assets at low cost when compared to other real estate investments.
A comprehensive understanding on a schemes rental sustainability can inform decision making when devising and asset strategy and inform cashflow forecasting. This can aide in de-risking cash flow line items for owners over their ownership period. Understanding rental sustainability can serve as a means of curating the schemes occupier mix and planning strategic initiatives. Overall, the ability to enhance the knowledge and understanding of income for the owner serves as a means to promote good asset management and to improve income over the term of ownership.
If you would like to know more about Bannon’s approach to rental sustainability analysis and how it can strengthen your asset strategy, please get in touch @ Consutancy@bannon.ie.
Author: George Colyer, Surveyor, Bannon
Date: 17th April 2023
A Green Lease is a commercial lease, containing additional clauses that the building must be occupied, operated and managed in an environmentally sustainable manner. The concept of a Green Lease was first developed in Australia where its use has been mandatory since 2006 in all government-owned and occupied buildings. In France, Green Lease legislation has been mandatory since 2013. Globally, 42% of investors have Green Lease clauses in place with an additional 37% looking to adopt them by 2025. On the occupational side, 34% of occupiers are currently committed to Green Leases.
Green Lease clauses can range from ‘light green’ to ‘dark green’ depending on the nature of the property, and energy performance certifications. The essential elements of a Green Lease include:
For both Owners and Occupiers, a Green Lease encourages a relationship of collaboration and meets corporate social responsibility objectives.
What are the benefits of a Green Lease?
For the Owner
For the Occupier
Green leasing provides an effective framework for both Owners and Occupiers to work together to achieve a common objective and comply with future legislative requirements. A sustainable building with lower running costs is more marketable for Owners and more cost-effective for Occupiers to occupy. Given the evolving nature of Green Leases, it is prudent to take legal and professional advice before entering such leases to ensure that the provisions are suitable for your organisation.
If you want to discuss the sustainability dynamics of the Irish Commercial property market further contact the Consultancy Team @ Bannon.
Author: Cillian O’Reilly, Surveyor, Sustainability Manager, Bannon
Date: 11th April 2023
The Q1 2023 Bannon Investment Pulse is now available providing a succinct summary of the Capital Markets transactions starting off the year.
With the Residential sector a surprising resilient highlight the total turnover of €625m is reflective of the current subdued sentiment in the market.
For more information or to talk on the opportunities available please get in touch; Roderick Nowlan, Alex Patterson, George Colyer, Cillian O’Reilly
Time to dust off your dancing shoes for Property Picnic 2023 in aid of Cancer Trials Ireland.
We are delighted to announce this years keystone sponsors Core Capital Limited, Hibernia Real Estate Group Ltd, Glass Bottle, Mastertech Group, Matheson LLP and MCR Group.
We still have some sponsorship opportunities available, if you are interested please contact Roderick Nowlan or Lucy Connolly.
One doesn’t have to go back too far into the archives to find headlines relating to markets in Dublin. Recent headlines include the uses of the Fruit & Veg Markets in the north inner city, the future (or fate) of the Iveagh Markets in The Liberties and plans for a market use at CHQ alongside EPIC, Europe’s leading tourist attraction (World Travel Awards). With the concept such a visited topic one looks to examples, both here and abroad, of where markets exist in cities as major attractions, creating hubs of activity that provide a platform to promote local, independent businesses, producers and suppliers and exhibit the tastes and cuisines of the area.
In Ireland, the most prominent example is of course Cork’s famous English Markets. Developed and owned by the Council, this traditional food market first opened in 1788 and remains as a hub of retail activity, with independent, local stallholders (some generations old, others local start-ups) selling a variety of fresh food and artisanal goods. While the dominance of a grocery offer suggests the target clientele are largely locals, a combination of atmosphere and architecture makes the market a major attraction for the City.
The Time Out Market in Lisbon is considered as a must-do when visiting the Portuguese capital. The market was founded by the publishing company with a vision to showcase the best business ideas and projects in Lisbon. The market now contains restaurants, shops, bars and a music venue alongside fruit & veg, meat, fish and flower vendors. London’s Camden Market has developed into a retail, food & drink destination in London, comprising over 1,000 shops, stalls and stands with an array of unique independent offers. Other examples include Mercado in London and Mercado de San Miguel in Madrid.
A common theme of these markets is the presence of independent, local operators. These operators allow the markets offer something unique and different from the traditional high street or shopping centre mix. The artisan nature of these vendors can serve to promote the markets as a tourist destination where visitors can experience local cuisine and support local producers. The planning submitted for the proposed market offer at CHQ is an opportunity for an exciting market offer to break into Dublin and the recent pop-up, Me Auld Flower market in the Fruit & Veg Market in Smithfield as part of the St Patrick’s Day Festival may indicate that more exciting development lies ahead.
If you want to discuss the retail dynamics of City & Town Centre further you can contact us @consultancy@bannon.ie
Author: George Colyer, Surveyor, Bannon
Date: 3rd April 2023
Sustainability is a critical issue in modern property management, with more and more owners and occupiers seeking to adopt eco-friendly practices and reduce their carbon footprint. From a commercial property management perspective, there are several key strategies and best practices that can be used to promote sustainability and reduce environmental impact.
One important strategy is to focus on energy efficiency. Commercial buildings by their nature are some of the largest consumers of energy, and reducing energy usage can have a significant impact on both the environment and the bottom line. This can be achieved through a range of measures, such as improving insulation, installing energy-efficient lighting and appliances, installing solar photovoltaic arrays and implementing a smart building system that monitors and controls energy usage.
Another area of focus is water conservation. Many commercial properties use vast amounts of water, from landscaping and irrigation to bathroom facilities and kitchenettes. To reduce water consumption, property managers can implement low-flow fixtures, such as toilets and showerheads, as well as drought-resistant landscaping and rainwater harvesting systems.
Sustainable property management also involves waste reduction and recycling efforts. Property managers can encourage occupiers to reduce waste by providing recycling facilities and implementing composting programs. They can also work with contractors and suppliers to ensure that materials and products are sourced sustainably, and that waste is disposed of responsibly.
Environmental assessment method and rating system for buildings programs, such as BREEAM (Building Research Establishment Environmental Assessment Methodology), provide a framework for sustainable property management and can help property owners and managers to evaluate and improve their environmental performance, build more sustainable environment as a whole. By achieving BREEAM certification or other green building certifications, property managers can demonstrate their commitment to sustainability and attract environmentally conscious occupiers.
Finally, sustainable property management involves engaging and educating occupiers about sustainability and environmental issues. Property managers can provide educational materials and resources, host events and workshops, and encourage occupiers to adopt sustainable practices in their daily operations.
Overall, sustainability is a critical issue in commercial property management, and there are many strategies and best practices that can be used to promote sustainability and reduce environmental impact. By focusing on energy efficiency, water conservation, waste reduction and recycling, green building certification, and occupier engagement, property managers can help to create more sustainable, eco-friendly commercial properties that meet the needs of both businesses and the planet.
Author: Alex Staskunas, Property Manager, Bannon
Date: 23rd March 2023
Happy St. Patrick’s Day weekend to all our clients and friends from everyone here at Bannon ☘
Our Bannon team at the MIPIM keynote address by Professor Jeremy Rifkin… Feel free to reach out to Neil Bannon or Roderick Nowlan if you’re around!
Happy International Women’s Day to all of the incredible women we work with, clients and friends of Bannon.
To celebrate, our social committee organised these beautiful cupcakes to arrive this morning by The Cupcake Store, which went down a treat!
Bannon are delighted to have been involved in delivering a new 13,000 sqft flagship #Foot Locker offer at Ilac Shopping Centre and an upsize and relocation to 6,000 sqft at Swords Pavilions Shopping Centre for clients Hammerson Ireland and Irish Life Assurance plc.
Both stores are due to open in Q2 2023.
“The ship has reached the shore,” United Nations conference president Rena Lee announced after a marathon final day of talks between negotiators from more than 100 countries.
Ocean ecosystems keep our planet in balance by producing nearly half of the earth’s oxygen and absorbing much of its carbon dioxide but they are under threat from pollution, exploitation and global warming. After 15 years of negotiations, the UN High Seas Treaty which will help to protect vast swathes of the planet’s oceans was agreed in New York on Saturday. The high seas, or the parts of the ocean that are not territorial waters, do not technically belong to anyone and account for 60% of the earths oceans. Only a mere 1% of the high seas are currently protected. The treaty places 30% of the world’s land and sea under protection by the end of 2030, a target known as “30 by 30”.
The next step for the treaty is signing by UN member states and formal adoption after which countries will have to look at practically how these measures would be implemented and managed. This phase may take some time, however, the agreement of the High Seas Treaty is a major milestone as we look towards a greener future.
Bannon’s latest Office Pulse is now live!
This month’s Office Pulse includes expert market insights from Lucy Connolly and Cillian O’Reilly. In this edition we ask; As tech sector expansion slows down, is this the end of the super deal? We also look at the data behind a two-tier occupational office letting market.
To view the full report, please click here.
Bannon’s latest monthly Retail Pulse has now gone live.
In this publication we look at what has been an encouraging start for our retail leasing team with significant impetus carrying forward from 2022. Our footfall trackers also indicate a positive start to the year with January data for our shopping centre portfolio tracking almost in line with 2019 levels. Finally Neil Bannon looks at the stark decrease in the household debt to income ratio and what this might mean for the retail sector
To view the full report, please click here.
Bannon has announced three senior and well deserving appointments to our expanding team.
Jennifer Mulholland has been promoted to Director of Retail, Leigha Mawer to Divisional Director of Property Management and Alex Patterson to Director of Property Management.
Jennifer, Leigha and Alex are pictured with Bannon Managing Director Paul Doyle and Executive Chairman Neil Bannon.
Congratulations RBK Chartered Accountants on your new HQ! It was an absolute pleasure to work with the RBK team on this acquisition and to secure a fantastic new office for your next phase of growth. We wish you all continued success in Termini, Sandyford!
Bannon acted on behalf of The McCafferty’s Group with their acquisition of The Barge, the well established and high profile city centre pub premises. This is a perfect entry to the Dublin market for McCafferty’s.
Paul Doyle, Managing Director of Bannon represented the occupier.
Neil Bannon joined Newstalk Bobby Kerr on Down to Business on Saturday to discuss what we might do to attract the investment our towns and cities need right now.
To listen to the full podcast, click here.
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.
Celebrating Pancake Tuesday in the office with these tasty crêpes by Sweet Cicely.
What a wonderful treat organised by our Social Committee!
After many years of engagement McDonald’s will now soon arrive at Rosebank Retail Park in Carrick-on-Shannon. Great to have been involved in delivering another top brand to a very successful retail scheme.
Bannon acted for the owner and JLL Ireland for McDonalds.
We at Bannon couldn’t be prouder to be taking part in The Mater Foundation 100-mile challenge again this year. The aim is to walk/run/jog 100 miles in the month of February and help raise vital funds to support life-saving and life-changing Cardiac Care for patients and their families in the Mater Hospital, Dublin.
It would be greatly appreciated if you could support our efforts by making a contribution, big or small, to help change patients lives for the better.
To donate, click here.
The first Bannon Dublin Office Market Pulse of 2023 is now live. Dublin office market take up exceeded 2,650,000 sq.ft. in 2022, boosted by a busy Q4 with over 804,000 sq.ft. transacting in the final quarter. See full details below together with expert insight from Lucy Connolly.
To view the full report, please click here.
Davy Real Estate has appointed Ireland’s largest, domestically owned commercial property consultancy firm Bannon, to manage Harbour Place Shopping Centre in Mullingar. The shopping centre which was opened in the mid-1990s comprises in excess of 100,000 sq. ft. of retail floor space and is anchored by Dunnes Stores. Other notable occupiers include Boots, Paul Byron Shoes, C.R. Tormey Butchers, Carraig Donn, Claire’s Accessories, Peter Mark, Holland and Barrett & Esquires.
Bannon manages over 55 retail shopping centres and retail parks across the country, covering seven million sq. ft. of commercial real estate worth c. €2 billion. As the market leader, Bannon has advised and managed the country’s most notable retail spaces in the last thirty years such as Dundrum Town Centre, Blanchardstown S.C., Swords Pavilions and The Square.
Commenting on the appointment, Director of the Bannon Property Management team, Ray Geraghty said “We are extremely proud to be working with Davy Real Estate on this important asset, and we look forward to working closely with the centre management team and occupiers. This instruction has particular significance for me given that Mullingar is my hometown. The midlands is going from strength to strength and we are proud to be supporting this growth. The appointment further validates the position we in Bannon hold as market leaders of retail property management in Ireland.”
Bannon is pleased to welcome this year’s interns. We are delighted to have you join the team and hope you have a fantastic time working with us.
Stephan Van Breda, Troy Ryan, Kate Wolfe, Emily King
One of the main attractions in Melbourne, Australia is undeniably its City Centre laneways. Once existing as purely functional areas, in the 1990’s the Government introduced policies to reimagine Melbourne’s laneways. The aim was to create exciting cultural and retail destinations in the Central Business District (CBD) to draw activity back into the city from suburban shopping centres.
The local policy promotes the inclusion of art, landscaping, street furniture and activity space to bring vibrancy with al fresco dining adding to this atmosphere. New developments are encouraged to provide small-scale tenancies at ground level to support a unique trading environment. The laneways are characterised by an abundance of local independent operators. These operators benefit from a city centre location without the cost of main street rents, adding diversity to the city’s retail core.
The policy in Melbourne recognises four core values that support the laneways’ success in attracting pedestrian movement and activating underutilised space.
So what can we learn from these policies for our cities in Ireland? Laneways are a common feature within Irish cities and towns. They are generally associated with servicing, bins, and anti-social behaviour, causing them to deflect rather than attract activity. We can see from policies introduced in Melbourne, that there is an opportunity to enhance our laneways while supporting our cities. They could act as extensions of retail streets, encouraging the circulation of shoppers, dwell zones and a destination for unique retail and food and beverage offers.
Led by policy, we can create vibrant and exciting spaces in Irish city centres. The Bannon Consultancy Team highlighted these opportunities in a Retail Study carried out for the Dublin City Council Development Plan 2022 – 2028. The private sector can play a role. Property owners with significant frontage to a laneway could activate and provide an exciting new space for the public to enjoy, creating rental value from previously underutilised space. We need to think creatively to develop our cities.
Author: George Colyer, Surveyor, Bannon
Date: 31st January 2023
For the property sector, while one of strongest capital market years on record (second only to 2019), 2022 will be best remembered as the “year of reckoning”. A year where a mixture of macro-economic and geopolitical issues combined to commence rebasing the market following almost a decade of effectively zero interest rates, low inflation, and expansive monetary policies.
To view the full report, please click here.
Changing spending patterns saw retail sales in December 2022 fall marginally from November figures indicating the traditional Christmas rush has turned into more of a marathon than a sprint. Annualised figures (excl. motors) show a strong increase in sales values of 7.88% albeit a nominal increase in volumes of 0.16%. This reflects the ongoing price inflation which saw the cross over in the value and volume indexes last year. The data also shows a strong shift away from household and electrical which enjoyed a stellar performance during periods when other retail outlets were closed due to COVID restrictions.
What a wonderful treat this morning!
Bannon’s Social Committee is delighted to introduce Coffee and Pastry Mornings, the first of many, to boost morale and welcome new colleagues.
The first Bannon Pulse of 2023 is now live. We look back at the strong level of activity in 2022, highlighted by the large number of lettings and new market entrants. Our occupancy trackers finished 2022 in positive form, as did our trading analysis across the retail categories. Neil Bannon gives his take on the market concluding that, ‘The opportunity for informed investors is to acquire retail assets with robust performance but priced to reflect a negative narrative’.
To view the full report, please click here.
For the property sector, while one of strongest capital market years on record (second only to 2019), 2022 will be best remembered as the “year of reckoning”. A year where a mixture of macro-economic and geopolitical issues combined to commence rebasing the market following almost a decade of effectively zero interest rates, low inflation, and expansive monetary policies.
See the high-level Bannon summary of 2022 in Bannon’s first Investment Pulse of 2023!
Dublin Office market take up for 2022 exceeded the ten year moving average figure and surpassed 2,600,000 sq.ft. by year end. This figure was boosted by a busy Q4 with over 804,000 sq.ft. transacting in the final quarter of the year. This was largely attributable to the two largest transactions of the year, Citigroup’s acquisition of 300,000 sq.ft. at Waterfront South Central and SMBC Aviation Capital’s leasing of 135,000 sq.ft. at Fitzwilliam 28.
Whilst not back to pre-covid levels, take up has increased by 53% on 2021 figures and we are seeing further stability in the market with an upsurge in activity from the Professional services and financial sectors.
Our final Retail Pulse of 2022 has just gone live. All in all, an exceptionally busy year for the team at Bannon. 2023 is looking very promising for Retail.
Neil Bannon concludes this Retail Pulse with 10 Reasons to be Cheerful about the Retail Landscape in Ireland (page 4).
To view the full report, please click here.
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.
A little Christmas together with the Bannon team.
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