In a normal year we welcome in excess of 100 million people into Bannon managed shopping centres. As is evident from the chart below the last 12 months have been very different. That said we remain hopeful that the end is now in sight and we look forward to seeing the portfolio back to full capacity in the near future.
After the pandemic: in Dublin’s bare city. Our streets must be reimagined to entice visitors rather than cater to workers. Bannon advises on this in The Sunday Times.
Covid 19 and level 5 restrictions have continued to impact the Dublin office market this quarter with just 14 transactions recorded across the sector.
As the vaccination rollout continues we are seeing a notable increase in market activity and re-activation of requirements, as companies plan for a return to the office. This is highlighted further by the increase in office accommodation reserved, which currently stands at over 500,000 sq.ft. across the capital.
Despite the backdrop of Covid 19, Q1 turnover was a healthy €1.22bn, with 58% weighting to the residential sector. Strong demand in the sector for good product continues on a standing asset and forward commit basis. With restrictions on travel / viewings still in play the more traditional sectors have had a subdued quarter but should rebound later in the year. If you wish to discuss the quarter in more detail or general investment, please contact Rod Nowlan or David Carroll.
We are delighted to share our latest Consultancy Retail Pulse for 1st March 2021. Should you wish to discuss any retail market or property queries, please don’t hesitate to contact us.
The dramatic improvement in the balance sheets of Irish Consumers in the last decade is astounding, savings are up 35% and debt is down 33%, a €70bn nett turnaround. The potential for a positive impact on the retail sector post reopening is clear, the question is where will the money be spent. We are modelling the potential impact on the different retail sub-sectors and expect to see a very different outturn to the 2013 recovery.
Joint agents CBRE and Bannon are guiding a price of €2.5 million for lands zoned for the development of retail and residential in the commuter town of Dunboyne, Co Meath.
The subject site extends to 3.54 acres and is located at the centre of the town, to the rear of St Peter and Paul’s church and immediately adjacent to the new SuperValu development. Dunboyne train station is situated 1km from the property. The front section of the site is currently in use as a car park, while the rear section is under grass.
The site is located in an area zoned “B1 town/village centre” under the draft Meath County Development Plan 2020-2026. It is also identified as a “retail opportunity site” OS 1, under which additional retail development for the town could be accommodated. Residential development is also permitted under the current zoning objective.
Dunboyne is a well-established residential location, with an abundance of amenities including sports clubs, shops, cafes and restaurants. There are several schools in the town, including Dunboyne Primary School, Gaelscoil Thulach na nÓg and St Peter’s College secondary school.
There are a number of employment hubs located within close proximity to the town, including Dunboyne Business Park, the IBM campus in Mulhuddart, Blanchardstown and Damastown Industrial Park, MSD and Facebook Clonee.
Dublin city centre is located just 18km from Dunboyne and is readily accessible via the M3 motorway. In terms of public transport, Dunboyne train station offers a regular service to Dublin each day, with a travel time of about 30 minutes to the Dublin Docklands station. There are also in excess of 30 Dublin Bus services per day.
Darragh Deasy of CBRE’s development land division says: “This is a rare opportunity to acquire a development site in one of Meath’s most desirable residential locations. The subject site has terrific development potential, subject to planning permission, and should appeal to a wide pool of purchasers.”
Niall Brereton, director at Bannon, adds: “Dunboyne has been identified as a strategic development area within the Dublin Metropolitan Area Strategic Plan. Given the central location of these lands, they offer undoubted potential to develop a mixed-use scheme, subject to planning permission.”
Are you interested in the history of some of Dublin’s past and present retailers?
Well, the Central Library are hosting a new series by Dublin City Council Historian in Residence Dr Mary Muldowney which takes a look at retail streets like Henry Street and how they have changed over the last 100 years or so. The series features Dublin favourites Arnotts, Clerys, Roches Stores and other major retailers that have disappeared; as well as featuring the small businesses.
In her opening talk on 8 February, Mary introduced us to the history of retail in Dublin City Centre.
The next talk, Shopping in Dublin City Centre 1790-1990. Henry Street and the women who worked there is on 8 March at 7pm.
This lecture will take place on Zoom and, in honour of International Women’s Day on 8th March, it will focus on the women who ran and worked in the many retail businesses on Henry Street.
Bannon is delighted to support the @scsi recently launched Climate & Biodiversity Emergency Declaration. The “Surveyor’s Declare” document is an important resource for Surveyors who have signed up in support of a framework for Surveyors who are committing to play their part in the climate change challenge.
