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.
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 an integral part of the Bannon corporate service team, providing rent review advice and services to a wide range of clients both occupiers and owners. Ben’s experience has given him extensive knowledge of interpreting lease documents, providing insight and understanding into the mechanics of the rent review provisions governing the process.
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.
Sligo business leader Christine Dolan has been named Business All-Star Shopping Centre Industry Business Person 2024 by the All-Ireland Business Foundation.
Christine is the Centre Manager of Quayside Shopping Centre located in the heart of Sligo Town.
For almost two decades, Quayside Shopping Centre has consistently upheld the highest standards of trust, commitment, performance, and customer centricity.
Distinguished by its unique combination of open streets and covered malls, Quayside Shopping Centre is meticulously designed to cater to the needs of contemporary retailers while ensuring that customers enjoy a relaxed, secure, and convenient shopping experience.
Much of the centre’s welcoming atmosphere is down to the direction of Christine Dolan who has put local customers at the very heart of the Sligo business.
Her innovative marketing, customer engagement, and tenant relations strategies have distinguished Quayside as an industry leader, offering a diverse shopping experience.
Business All-Star Shopping Centre Industry Business Person 2024 accreditation comes in recognition of her performance in her role as Centre Manager.
Announcing the news of Christine’s achievement, Deputy Chair of AIBF’s Adjudication Board, Kieran Ring, said:
“I am delighted to acknowledge Christine Dolan, Centre Manager of Quayside Shopping Centre, as the Business All-Star Shopping Centre Industry Business Person Of The Year 2024. With her extensive experience and deep understanding of retail, Christine’s leadership has made quayside a vibrant retail hub. Her innovative marketing, customer engagement, and tenant relations strategies have distinguished Quayside as an industry leader, offering a diverse shopping experience.”
Reacting to the news of her company’s achievement, Quayside Centre Manager Christine Dolan said:
“At Quayside Shopping Centre, we have always strived to uphold the highest standards of excellence, driven by a commitment to our customers and community. This recognition underscores the dedication of our entire team and reaffirms our commitment to delivering an exceptional shopping experience in the heart of Sligo. Together, we will continue to innovate, engage, and serve our loyal customers, ensuring that Quayside remains a vibrant hub for our community. Thank you to the AIBF for this meaningful recognition.”
Managing Director of the All-Ireland Business Foundation Kapil Khanna said: The accreditation, which is now held by over 650 firms, is needed by the thousands of small and medium businesses which operate to their own standards but have nothing to measure them by.
He said: We evaluate a company’s background, trustworthiness and performance, and we speak to customers, employees and vendors. We also anonymously approach the company as a customer and report back on the experience. The business goes through at least two interviews and is scored on every part of the process against set metrics.
Article Published by All Ireland Business Times
