Our latest Retail Pulse has now gone live. In this months edition our Retail Leasing team look at some of the recent activity in the Irish Food & Beverage market.
Full report available here.
Former British Prime Minister Harold Wilson once quipped that “a week is a long time in politics”. While not a politician I can personally attest to the fact that 20 years is most definitely a long time in the commercial property profession. Having commenced employment with Bannon in the heady days of January 2005, there have been many ups, downs and ‘back-up agains’ in between.
The initial years of my career in Bannon, and the development land department specifically, were filled with developer flyovers via helicopter, seven figure deposit cheques, foreign Christmas parties (!) and a general ‘the only way is up’ attitude fuelled by copious Kool-Aid consumption long before the phrase became fashionable on this side of the Atlantic. By the Autumn of 2008 the seismic collapse of Lehman Brothers heralded the onslaught of the great financial crash and the development land sector in Ireland (as in most parts of the world) ground to a crushing halt. Thoughts of ‘what now?’ quickly took hold amongst property professionals and the answer came in the form of four letters which would dominate the sector for many subsequent years, NAMA.
The National Asset Management Agency was founded in 2009 and valuers were contracted to conduct asset valuations by either the lending institution transferring loans over to NAMA or by NAMA itself to provide checks and second opinions. And so ensued a colossal nationwide valuation exercise of every conceivable property asset ranging from abattoirs to retail parks and everything in-between. Overnight, investment agents and leasing teams who were largely at a loose-end due to inactivity in their sectors were seconded to put their shoulder to the wheel and reacquaint themselves with ‘The Red Book’. It’s unlikely that we’ll ever experience a valuation exercise on such a scale in this country again with property assets worth an estimated €50 billion valued over the space of three years in the depths of a recession.
While valuations could never claim to be the sexy side of the profession, the NAMA valuation process kept the lights on, wages paid and demonstrated the resilience and flexibility of the fledgling Bannon brand which not only weathered the storm but flourished in the post-apocalyptic commercial property market. Niall Brereton is a Director of the Professional Services & Land Department in Bannon.
Image taken from NAMA
The Dublin office market has had a strong start to 2025, with significant leasing activity and a clear trend towards high-quality, centrally located spaces. Notably, city centre areas accounted for 80% of office take-up in Q1, reflecting ongoing demand for accessibility, modern amenities, and proximity to transport links.
As the workplace landscape continues to evolve, businesses are prioritising Grade A office space to meet the needs of their teams. Dublin remains an attractive hub for both established and emerging industries, particularly in the TMT sector.
Exciting times ahead for the market!
To view the full report, please click here.
The retail sector dominated turnover this quarter, accounting for nearly 50% of transactions, with Bannon involved in most deals. Geopolitical uncertainties have impacted larger transactions, especially in the office sector. However, robust activity in the sub-€15 million market is expected, driven by French funds and high-net-worth individuals.
To view the full report, please click here.
Our latest Retail Pulse has now gone live. In this months edition our Retail Leasing team look at some of the recent activity in the Retail Park market.
Full report available here.
Great for Bannon to get such a loud MIPIM shout out.
Many thanks to Colm Lauder and the Business Post for the big mention quoted below:
‘Agents Bannon has long championed Ireland’s presence at Mipim through its Great Ireland Lunch, hosted by Neil Bannon and Roderick Nowlan. Now in its 20th year, this event has established itself as the premier Irish market gathering for global institutional investors, playing a significant role in attracting international capital to Irish opportunities. Over those 20 years the need for Irish stakeholders to influence global capital has grown in significance’.
Image taken from The Business Post
Neil Bannon joined Newstalk Bobby Kerr on Down to Business on Saturday to delve into the topic of Dublin retail. Is it experiencing a decline or is it simply a changing of the guard?
Listen to the insightful discussion here.
Our latest Retail Pulse has now gone live. Despite the loss of New Look (27 stores) and Quiz (3 stores) it has been a very encouraging start to the year with a number of retailers already vying for this newly available space.
In our “Expert Insight” section Neil Bannon discusses how “Competitive Socialising” concepts can provide alternative uses in existing retail destinations.
Full report available here.
Are you ready for the May 2025 deadline?
The well documented implementation of the Residential Zoned Land Tax (RZLT) has posed numerous questions regarding the steps to be considered by the owners of land falling within the scope of the tax. Non-developer owners of land which is subject to RZLT, such as private individuals, religious institutions, farmers etc, may wish to apply to have their land rezoned by their Local Authority prior to 23rd May 2025. Subject to satisfying certain criteria such a landowner can claim an exemption from RZLT for 2025 from Revenue. A decision to seek a rezoning can have significant impacts on the future value prospects for such properties particularly in the context of amendments to planning legislation brought about by the Planning and Development Act 2024. Under the 2024 Act the lifetime of Development Plans will be extended to a 10 year lifespan, representing a significant extension from the 6 year lifespan heretofore.
Therefore, landowners who seek to rezone their land to bring it outside the scope of RZLT will face an extended Development Plan cycle should they wish to revert to a residential zoning at some stage into the future. Consequently, the implications of RZLT requires careful and strategic consideration so as to maintain and maximise an asset’s long-term value.
Contact Niall Brereton, Sam Harney and Paul Doyle to discuss appropriate strategies.
Our latest Retail Pulse has now gone live. In this publication our retail leasing team take a lookback at some of the notable new entrants and new store openings in 2024. Separately in our “Expert Insight” section Neil Bannon looks at the recent economic data and what this is likely to mean for the retail sector for the rest of 2025 and beyond.
Full report available here.
The Dublin office market experienced significant growth in 2024, with total take-up reaching 2.2m Sq.ft., an increase of approximately 780,000 Sq.ft. compared to 2023. This surge was primarily driven by the top 5 deals of the year, 4 of which were in excess of 100,000 Sq.ft. Alongside the pending Workday deal, which will add 425,000 Sq.ft. in College Green, these high-profile transactions point to a potential positive shift in the office market. As international businesses increasingly introduce return-to-office mandates, we’re seeing early signs of a market recovery. With the 5-year average at 1.9m Sq.ft. and the pre-Covid average of 3.15m Sq.ft., the outlook for Dublin’s office market in 2025 is looking promising.
Roderick Nowlan, Julia Halpenny, Cillian O’Reilly
To view the full report, please click here.
Now that the property investment market has “survived until ‘25″, what actually happened in the year just past and what does the future hold? See Bannon’s 2024 Investment Pulse which includes an outlook for the year ahead.
To view the full report, please click here.
The Central Bank of Irelands tracking of Household savings continues to show positive growth reaching €159.6bn in November 2024. This marks a 5.1% year-on-year increase and a modest 0.3% rise from October. In contrast, household debt grew at a much lower rate, up by 2.2% year-on-year, with no change month-on-month. Household savings have increased by an impressive 45% since 2019 and Debt has grown by only 12%. As a result, savings are €56 bn higher than debt. The strong savings position shown by Irish households provides more financial flexibility for consumer spending and a potential for further increase in retail sales.
Our latest and final Retail Pulse of 2024 has now gone live. In this publication our retail leasing team provide a summary of some of the deals which we completed in 2024. Separately in our “Expert Insight” section Neil Bannon looks at the dichotomy between how the property industry is constantly looking backwards at previous transactions to establish value, whereas investors are only interested in looking forward to the future.
The team at Bannon would like to wish all our clients and the industry at large a very Happy Christmas and a prosperous New Year. Roll on 2025!
Our Retail Pulse is updated monthly and all are available on our website – www.bannon.ie.
Full report available here.
‘Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team review the various Pop Up shops that are active in the market at this time of year. Separately in our “Expert Insight” section Neil Bannon looks at the evolution of the Christmas trading period and how it is now occurs over an extended period of time and doesn’t present the same level of risk to retailers as once was the case’.
Full report available here.
Swords Pavilions is where you can meet, eat, sip and shop, all under one roof. One of Dublin’s premier shopping destinations with over 100 global and national retailers to choose from, the centre offers world-class stores and is an unrivalled destination for shopping, dining and entertainment.
The centre has set the aim of being carbon neutral by 2030. It has has already been recognised with various awards for the implementation of a number of eco-friendly initiatives, such as Solar Panels, recycling programs and energy-efficient operations, aligning with modern sustainability goals.
Strategically located near Dublin Airport and just off the M1 motorway, the shopping centre is easily accessible by car, with over 2,000 parking spaces available in the centre. Parking is free for the first two hours in the centre. Swords Pavilions Shopping Centre is a major retail and leisure destination which has grown since 2021 to become one of the most popular shopping centres in the region.
Notable stores include Dunnes Stores, SuperValu, H&M, Zara, Next, TK Maxx, River Island and JD Sports. There are also ample dining options in the centre to include cafes, restaurants, and fast-food outlets, catering to different tastes and preferences. Popular options include Starbucks, Nando’s, Milano, Five Guys, Zaytoon and many more.
The centre also has a 11-screen cinema Movies@Swords, offering the latest movies and a premium viewing experience. The addition of Zero Latency in 2024 offering virtual reality gameplay makes the Pavilions a hub for leisure activities in addition to shopping.
It hosts regular events and promotions, making it more than just a shopping destination. Seasonal events such as ice skating, family-friendly activities, and cultural events often take place, enhancing its role as a community hub.
Overall, Swords Pavilions Shopping Centre is a vibrant and versatile destination, blending shopping, dining, and entertainment to cater for all needs. Its convenient location and various facilities make it a favourite among locals and visitors alike.
Bannon is excited to share that Neil Bannon will be judging the Business Post National Property Summit & Awards 2025. The Awards ceremony will take place on the 27th of February at the Intercontinental Dublin, and will celebrate individuals and organisations from across the entire property industry in Ireland.
Nominations opened Tuesday 12th November, and the comprehensive list of categories will identify the highest level of achievement across both the residential and commercial sectors.
So, enter now and shine a light on the very best in the Irish property sector! – https://nationalpropertyawards.ie/awards-categories/2025/
Join us for the black-tie Awards ceremony on February 27th – https://events.businesspost.ie/event/the-national-property-awards/
The awards keep on coming for the Team in Swords Pavilions. The team had an extremely busy Friday last week collecting a number of awards. These include:
Sustainable Energy Authority of Ireland (SEAI) Energy Team of the Year
Fingal Chamber Business Award for Best in Climate Action
Fingal Chamber Business Award for Business of the Year (large / corporate)
The awards are in addition several others won this year by the team. Congrats to the team in Pavilions. The awards are testament to the fantastic work being carried out in the centre.
Photo taken from Swords Pavilions
A powerful inclusivity programme has been implemented through a partnership with Dungarvan Shopping Centre and The A-Team Dungarvan that provides local assistance to people with autism, ADHD, and all abilities. The goal of the project is to increase accessibility and inclusivity for all shopping visitors. Through this initiative quiet hours were introduced in the centre every Sunday morning, Starbucks, in partnership with The A Team, sponsor a coffee morning for families of all abilities, Easons organised Art Therapy sessions, plus a number of other events all year round.
As part of the 20th birthday celebrations at the centre, it was important to continue the inclusion of all in the community. Representatives from The A-Team had a stand on the day promoting ‘Quiet Time’ by handing out balloons. For the festive season Dungarvan Shopping Centre is sponsoring the Autism friendly Family Walk in Colligan Woods, in December. As part of the Santa Meet and Greet Programme a special sensory Santa time is available for children with Autism, sensory issues or additional needs and their families. To top it off, the centre has autism car spaces available on each level signalled by Sunflower signs 🌻
From the Bannon Property Management Team, well done to everyone involved in such an important and inclusive initiative.
Bannon would like to extend a big congratulations to Jack Martin, Centre Director at The Square Tallaght, on his nomination for Tallaght Person of The Year award in the business category.
Recognition that is truly well deserved and we wish Jack the very best of luck!
Photo taken from The Square Tallaght
Neil Bannon joined Newstalk Mandy Johnston on Down to Business on Saturday to discuss the trend that retail property prices in the provincial retail sector seem to be increasing in value.
For the full discussion, please click here.
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team review recent openings/signings in the run up to a busy Christmas period.
Separately in our “Expert Insight” section Neil Bannon looks at the evolution of lease agreements and the frustration among some European headquartered retailers with the complexity of Irish leases. In general “less is more”, however in the context of Irish leases the inverse would appear to be the case.
Full report available here.
Neil Bannon, chairman at Bannon, confirmed that new leases are now typically for seven years. This usually involves the tenant repudiating their rights to renew the lease on expiry, which also improves flexibility for the landlord. This flexibility is of increasing importance for landlords too. Mr Bannon sees this flexibility as a positive move and said that “we are moving closer to the European model”. This flexibility is of increasing importance for landlords too. “Consumers demand excitement and change, so landlords need the ability to actively manage their portfolios.”
This increasing flexibility has improved Grafton Stree with a greater variety of smaller European retailers, rather than a copy of a typical UK High Street.
This era of shorter leases increases the likelihood of rents rising, Mr Bannon said. “There is less emphasis in the market on the rent review cycle, and more on new lettings and change.”
He also pointed out that rents quoted in the market now are “net effective rents”, which take account of any rent-free period granted. There has been an ”artificial softening” in rents, since pre-Covid, when “headline rents” ignored tenant incentives. The rents quoted now are “more honest”, he concluded.
Best of luck to the team in Swords Pavilions Shopping Centre who have been announced as Finalists in the 2024 Pakman Awards in the Business Recycling Champion category. This is deserved recognition of the hard work and diligence by the team over the past number of years in the centre. The team won this award in 2023 so its great to see them in the running again.
The Pakman Awards are Ireland’s leading National Environmental Awards that recognise excellence in recycling and waste management among businesses, organisations, community groups and individuals in Ireland.
The winners will be announced on October 24th!
We wish the Swords Pavilions team the best of luck in the final and congratulate them on being nominated again.
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team focus on city centre footfall, occupancy rates and the knock on effect on leasing activity.
Separately in our “Expert Insight” section Neil Bannon looks at some of the key macro-economic changes in the last 10 years which are impacting the retail sector. It’s hard to find the negatives in any of the data!
Full report available here.
Bannon is delighted to issue our Q3 Capital Markets report which is all the more relevant today, the first day of EXPO REAL (Messe München).
With retail representing one third of turnover this quarter (and Bannon having sold, bought, or now managing 97% of all these assets), what better time to reach out to the leading firm in Irish retail and Ireland’s largest indigenously owned commercial agency.
Contact Neil Bannon or Roderick Nowlan for an EXPO chat.
To view the full report, please click here.
Although the Dublin office market experienced a significant drop in take-up this quarter, falling from 877,600 sq. ft. in Q2 to 551,200 sq. ft., sentiment remains positive for the prime ESG segment. A key driver of this quarter’s activity was LinkedIn’s assignment of 133,400 sq. ft. to EY at 2 Wilton Park, following Stripe’s move to the same development in Q2. It is also worth noting that the 425,000 sq. ft. Workday deal is excluded from this quarter’s figures as it has yet to be signed.
As a result, the underlying positivity can be seen in the significant increase in reserved space in Q3, totaling approximately 927,400 sq. ft. compared to 514,000 sq. ft. in Q2.
General Commentary from Executive Chairman Neil Bannon
The conversation around sustainability in the Irish commercial property sector has evolved over the last 12 months. Although everybody was aware of the significance of the challenge last year this has been brought into sharper focus as the various sources of capital in the market have set out their stall. Access to and cost of capital, both funding and equity, is clearly going to be very different for assets depending upon their sustainability credentials. This has been most evident in the office sector where deals continue to be done in new buildings with market leading green credentials both from expanding entities and those relocating form brown buildings. As investor and funders watch this they are becoming increasingly concerned about the risk of obsolescent for older stock and how the value of older buildings will have to reflect the cost of bringing them up to standard.
It is interesting and, we think, helpful to see the conversation move from an aspirational desire to become more sustainable to a clear financial motivation to protect capital. This will accelerate activity in the market as capital positions itself to ensure it is a net beneficiary. Bringing market forces to bear will help our green transition and is a welcome development.
Property Management from Directors Ray Geraghty and Alex Patterson
As custodians of a nationwide portfolio of real estate the Bannon property management team are involved in multiple projects at any moment in time where the focus is sustainability and energy conservation. There is an awareness about sustainability and ESG measures among property owners, funders, asset managers, occupiers, and service providers which is driving positive change.
In the last 12 months Bannon have been involved in some very significant sustainability projects which are now delivering much need energy savings for stakeholders. One such project was completed at Athlone Towncentre Shopping Centre (in conjunction with the SEAI) at a cost of c.€1.6 million. As a result of the project energy consumption at the shopping centre has reduced by almost 50%.
Retail Agency from Directors James Quinlan and Darren Peavoy
Smaller Domestic Retailers are becoming more ESG aware however have not fully embraced the concept. International and national retailers on the other hand have delivered significant ESG improvements across their portfolios with big improvements in solar generation and logistics improvements being a significant focus. Some international retailers are beginning to commit to BREEAM Good fitouts however are seeking significant assistance from owners to deliver this. Some institutional retail property owners are very focused in improving the BER status of their high street portfolios whereas shopping centre owners are very focused on improving energy usage in common areas within their schemes.
Where the ESG agenda was previously being pushed by the owners, we are seeing a shift in this from a smaller group of retailers who require owners to sign up to their ESG agenda rather than the other way round. Retailers are focused on reputation and branding, and they are utilising ESG credentials as a powerful marketing tool. This focus will begin to see a shift in the retail leasing market as it will influence building design and occupier’s expectations.
Valuations from Managing Director Paul Doyle and Director Niall Brereton
The Bannon Professional Services team continues to embrace ESG within our reporting, whilst also complying with RICS Valuation Practice Guidance Notes on ‘Sustainability and ESG in Commercial Property Valuation and Strategic Advice’. This Guidance Note requires the valuer to demonstrate how they have considered sustainability and ESG credentials in their valuation approach, calculations and commentary. This commentary is required to include a reference to potential future cost liabilities to meet regulatory and investor requirements.
In the past year or so we have noted that our building owner client has become much more aware and reactive to ESG. By example, if we are valuing a trading asset the client will most likely have responses to-hand in terms of our standard queries on the energy efficiency or otherwise of their premises. Elsewhere, if valuing an older office premises, a client will likely have a solution modelled to enhance the property’s ESG credentials. In the case of offices we continue to see a widening value gap between older/stranded buildings and those which are ‘B or better’
Investment and Office Agency from Executive Director Rod Nowlan
Sustainability has firmly moved to the top of the investment and office leasing agenda across all size requirements. It is no longer a focus of just the larger lots sizes. Its pursuit will be a key factor in the acceleration of “the big switch” where many office occupiers are beginning to act upon what they now determine is their new office size and style requirement in a maturing blended working market. ESG is a key target in this mix. As a consequence, we are going to see a material acceleration in office obsolescence creating a huge opportunity for those with the skills to efficiently transition these buildings back to the institutional mainstream. In this regard, valuing and selling these assets will require an in-depth analysis of the true costs associated with bringing them up to standard.
Internal from Chartered Surveyor, Sustainability Manager Cillian O’Reilly
Bannon has always had sustainability in mind within the office ever since Joe Bannon himself monitored how many pages were being printed by each team member. The culmination of this was Bannon developing and implementing an ISO 14001:2015 Environmental Management System which was certified by the NSAI in 2022.
Bannon’s Carbon Footprint is relatively low at 78.7 tonnes CO2E in 2023, none the less the firm has taken steps to target and reduce its largest contributors namely electricity usage and commuting milage. Bannon has made huge strides to curate a greener and more efficient workplace and will continue to be a market leader as trends evolve.
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team focus on leasing activity in new developments.
Separately in our “Expert Insight” section Neil Bannon looks at the importance of a deeper understanding of data (the Relevance of Relativity) and how this is impacting investors appetite for the sector.
Full report available here.
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.
A 6.8% reduction in Ireland’s greenhouse gas emissions in 2023 marks another vital step towards a sustainable future. However, there is still a long way to go to achieve Ireland’s climate ambition of a 51% reduction by 2030. At Bannon, we are proud to contribute to this effort, reducing our carbon footprint by 29% in 2022 and achieving an additional 5% reduction in 2023.
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.
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
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.
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.
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
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.
Bannon would like to extend a big congratulations to Christine Dolan on being named 𝐀𝐥𝐥-𝐒𝐭𝐚𝐫 𝐒𝐡𝐨𝐩𝐩𝐢𝐧𝐠 𝐂𝐞𝐧𝐭𝐫𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐏𝐞𝐫𝐬𝐨𝐧 𝐎𝐟 𝐓𝐡𝐞 𝐘𝐞𝐚𝐫 𝟐𝟎𝟐𝟒 by the All-Ireland Business Foundation. Your hard work and dedication as a Centre Manager at Quayside Shopping Centre Sligo have not gone unnoticed, well done on this well-deserved recognition!
Bannon is very proud to be working with fantastic Centre Management teams across a wide network of shopping centres and retail parks.
Full Article Published by All Ireland Business Times
Bannon is pleased to bring the former Monastery and agricultural lands at Esker, Athenry, Co. Galway to the market on behalf of the Redemptorist Order. The extensive and historical building complex is situated on 173.5 acres and is available in multiple lots.
Niall Brereton comments that the scale of the existing buildings and landholding could lend itself to a multitude of potential uses in the leisure and hospitality sectors. Thanks to Ronald Quinlan for the coverage in today’s The Irish Times.
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.
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