Case Study
Athlone Towncentre, Co. Westmeath
Leasing Agent
Address
Hambleden House
19-26 Pembroke Street Lower
Dublin 2
D02 WV96
Ireland
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Contact Us
Phone: +353 (1) 6477900
Fax: +353 (1) 6477901
Email: info@bannon.ie
The Task
Athlone Towncentre, is the shopping destination of the Midlands and West of Ireland located in the heart of the Country halfway between Dublin & Galway. The mixed-use centre extending to 20,646 sq. m is anchored by M&S, Zara, H&M and Sports Direct and comprises over 60 shops and restaurants. The centre also comprises office space, 150 apartments, is adjacent to the Sheraton Hotel and benefits from 1,200 underground car parking spaces.
Athlone Towncentre opened in 2007, Bannon were appointed as sole property advisors by Gallico Developments ahead of construction. Our task was assisting in the pre-design, development design and pre-letting and delivery of this new retail destination.
The Skills
Bannon when instructed formed a team across the practice to bring expertise on leasing, design, consultancy, and property management. Working closing with the client, the team advised on occupier mix, retailer requirements to include size and preferred layouts, rental projections, and development appraisals.
Bannon developed a robust and ambitious leasing strategy to pre-let the centre ahead of opening with aspirational international occupiers who had never considered the Midlands or West of Ireland previously. Analysing the existing catchment and potential catchment and using our experience we conveyed this knowledge to potential occupiers.
The Result
Athlone Town Centre opened as a fully let scheme in 2007 delivering a best-in-class occupier mix never seen in the West of Ireland. The scheme delivered the first Zara and H&M on the West coast with lettings to international occupiers including Next, River Island, Tommy Hilfiger and JD Sports.
During the Global Financial Crisis, the scheme suffered retailer casualties and the team worked closely through asset management initiatives to revitalize and diversify the mix creating a new anchor in TK Maxx and adding non fashion and value led offerings such as EuroGiant.
The scheme was sold to Davidson Kempner in 2015 and Bannon with their joint leasing agent have continued to develop and build on the best in class mix that meets customer’s needs. Key lettings in 2022/2023 include a new flagship letting to Sports Direct the addition of Rituals.