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19-26 Pembroke Street Lower
Dublin 2
D02 WV96
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Phone: +353 (1) 6477900
Fax: +353 (1) 6477901
Email: info@bannon.ie
Bannon Retail Pulse – November 2023
In this publication our leasing team summarise some of the more significant recent transactions and Neil Bannon focuses on footfall levels on our two most prominent high streets, namely Grafton Street and Henry Street, where current activity has proved very much contrary to previously predicted bad news speculation.
To view the full report, please click here.
What is a COP?
The United Nations (UN) annual climate change conference, also known as the ‘Conference of the Parties’ or ‘COP’, brings together world leaders, ministers, and negotiators to agree on how to address climate change.
Since 1995, almost every member nation on Earth has come together in a different country each year, except for 2020.
The UN describes the COP as “the supreme decision-making body” of the United Nations Framework Convention on Climate Change (UNFCCC). It includes representatives of all the countries that are signatories, known as parties, to the UNFCCC. During each COP, the parties review the progress towards the overall goal of the UNFCCC: to tackle climate change.
The negotiating parties include governments that have signed the UN Framework Convention on Climate Change (UNFCCC), the Kyoto Protocol and/or the Paris Agreement. The COPs are also attended by thousands of representatives from civil society, the private sector, international organisations, and the media.
Why is this conference called COP28?
COP28 stands for the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change
Where will COP28 be hosted?
The COP is hosted by a different country each year. COP28 will be hosted by the United Arab Emirates (UAE) and will take place between 30 November–12 December 2023 in Dubai.
Why is COP28 important?
It is hoped COP28 will help keep alive the goal of limiting long-term global temperature rises to 1.5C. This was agreed by nearly 200 countries in Paris in 2015. The 1.5C target is crucial to avoid the most damaging impacts of climate change, according to the UN’s climate body, the Intergovernmental Panel on Climate Change (IPCC).
Long-term warming currently stands at about 1.1C or 1.2C compared with pre-industrial times – the period before humans started burning fossil fuels at scale. However, the world is on track for about 2.5C of warming by 2100 even with current pledges to tackle emissions. The window for keeping the 1.5C limit in reach “rapidly narrowing”, the UN says.
UN Secretary-General Antonio Guterres called for the COP28 talks and agendas to close the climate ambition gap. He also stated that “Leaders can’t kick the can any further. We’re out of road,” condemning a “failure of leadership, a betrayal of the vulnerable, and a massive, missed opportunity. As the reality of climate chaos pounds communities around the world – with ever fiercer floods, fires, and droughts – the chasm between need and action is more menacing than ever.”
What are the key issues to watch at COP28?
- COP28 is important for several reasons, not least because it marks the conclusion of the first Global Stocktake (GST), the main mechanism through which progress under the Paris Agreement is assessed.
- Getting the loss and damage fund (established at COP27) up and running and agreeing on a framework for the Paris Agreement’s Global Goal on Adaptation (GGA).
- Other issues that are likely to receive much attention, and which may be reflected across several negotiating streams, include energy transition and food systems transformation.
- Discussions and negotiations on climate finance.
For more information on COP28
https://news.un.org/en/story/2023/11/1143567
Bannon Office Pulse – November 2023
Bannon’s latest Dublin Office Market Pulse is now live.
In this publication Lucy Connolly looks at the evolving landscape of the Dublin Office Market and the factors that have influenced the sector in 2023.
To view the full report, please click here.
Residential Zoned Land Tax (RZLT) Update
Among the recently announced package of fiscal measures introduced by the Government as part of Budget 2024 was a 12-month deferral of the Residential Zoned Land Tax (RZLT). The tax liability, which was due to be paid by landowners as and from 1st February 2024, will not now fall due until February 2025. The RZLT equates to an annual liability equal to 3% of the market value of land which is deemed suitable for residential development.
While the 12-month deferral will no doubt be a welcome development by liable landowners they will face a choice as to the future prospects for their property. Among others, the Bannon Development Land Team has identified three fundamental options open to impacted landowners:
1. Dispose of the land
2. Seek a re-zoning of the land via the Local Authority
3. Undertake residential development.
Under the third option, the RZLT liability will only cease to accrue when completed residential units are delivered and will continue to be incurred during the construction phase.
While the option to seek a re-zoning from residential uses will ultimately result in the tax liability being removed it will also result in a significant diminution in the value of the land. This may not be such an issue for certain owners such as farmers whose primary interest is working the land. However, the vast majority of landowners may be very reluctant to actively seek to diminish the value of their property via rezoning.
Whatever the ultimate course of action it is clear that a lot of important decisions will need to be made by landowners impacted by RZLT in 2024. If this impacts you, talk to the team today to start planning your strategy early.
Author: Niall Brereton, Director, Bannon
Date: 14th November 2023
Swords Pavilions Shopping Centre at the Pakman Awards
Huge congratulations to Ian Hunter and the team in Swords Pavilions Shopping Centre on their win at the Pakman Awards. The team are now officially industry leading! The first shopping centre to win this award and a reflection of all the hard work in the centre.
50 City Quay, Dublin 2
**Exciting opportunity in the heart of the innovative Windmill Quarter in Dublin’s South Docks.**
We are pleased to present the final ground floor suite (front) of 50 City Quay, Dublin 2. Offering a superb waterside location suitable for both office and retail uses, extending to 692 Sq.ft.
Contact Lucy Connolly or Julia Halpenny to schedule an inspection and learn more about this exceptional space.
Quayside Shopping Centre is named All-Ireland All-Star Shopping Centre of the Year once again.
Sligo’s Quayside Shopping Centre has once again earned the prestigious title of All-Ireland All-Star Shopping Centre of the Year, bestowed by the All-Ireland Business Foundation. This marks the fifth Business All-Star recognition for this esteemed retail destination.
As it enters its 18th year in business, Quayside Shopping Centre stands out for consistently upholding the highest standards of trust, commitment, performance, and customer centricity.
Located at the heart of Sligo Town, Quayside Shopping Centre boasts 400 customer parking spaces and an expansive 130,000 square feet of retail space across four trading levels. The centre encompasses 43 Retail Units, 12 Office Suites and 89 Residential units in total.
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.
This All-Ireland All-Star Shopping Centre of the Year accolade elevates the company into an exclusive league of businesses that have achieved a remarkable five-time Business All-Star recognition.
Announcing the news of Quayside Shopping Centre’s achievement, Deputy Chair of AIBF’s Adjudication Board, Kieran Ring, said:
On behalf of the All-Ireland Business Foundation I am delighted to announce that Quayside Shopping Centre have achieved All-Ireland All-Star Shopping Centre 2023-2024. This accreditation is in recognition of the company’s outstanding contribution to quality and standards in the sector over the last 5 years. This accreditation recognises Quayside Shopping Centre’s conduct in the areas of trust, commitment, performance & customer centricity. Quayside Shopping Centre is hereby included in the AIBF Register Of Irish Business Excellence for the fifth consecutive year.
Reacting to the news of her company’s achievement, Quayside Shopping Centre Manager & Head of Marketing, Christine Dolan said:
‘On behalf of everyone working at Quayside Shopping Centre in Sligo, I would like to express our sincere gratitude and delight at being named as All-Ireland All-Star Shopping Centre of the Year for 2023/2024 including receiving Business All-Star accreditation for the fifth consecutive year. We are absolutely thrilled to hear that our centre has once again achieved such a prestigious title. This remarkable accomplishment is a testament to the dedication and tireless efforts of our exceptional team of retailers and staff who work here. We couldn’t be prouder of their commitment to upholding the rigorous standards set by the All-Ireland Business Foundation.
As an integral part of the vibrant community in Sligo, we take our role seriously and are committed to going the extra mile for our customers. While this accolade recognises our efforts, we want to emphasise that much of the work happens behind the scenes.
We are dedicated to continually improving the centre’s services and facilities, ensuring that each visit to Quayside is a remarkable experience. This recognition further inspires us to continue providing a top-tier shopping experience for our valued customers.’
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.
About The All-Ireland Business Foundation
The All-Ireland Business Foundation is an autonomous national accreditation body tasked with enterprise development and the promotion of Best-in-Class Irish businesses.
As the accreditation body for the Business All-Star mark, the AIBF recognises Best-In-Class Irish businesses. Companies that merit recognition based on an independent audit of their performance, reputation, and customer-centricity.
Article Published by All Ireland Business Times
Bannon Retail Pulse – October 2023
In this publication our leasing team summarise some of the more significant recent transactions and Neil Bannon focuses on footfall levels on our two most prominent high streets, namely Grafton Street and Henry Street, where current activity has proved very much contrary to previously predicted bad news speculation.
To view the full report, please click here.