Dundrum Town Centre
The developers of Dundrum Town Centre had a vision to create Ireland’s premier retail destination, comparable to the best major UK & European schemes. To achieve this required the curation of the best mix of occupiers available through the introduction of new and exciting brands to Ireland and ensuring that the stores that occupiers opened were flagship for their brands and best in class.
Bannon built a team around the client’s requirement which brought together consultancy, design and leasing expertise. The Bannon team collaborated with the wider project team at all stages of the development, providing leasing and occupier mix strategy, operational requirements, rental projections, and development appraisals. This ensured that the units being created matched the operational requirements of the target occupiers maximising the rental return.
The Bannon team travelled to successful retail schemes across the UK and Europe to target best-in-class retailers attracting the first Zara, H&M, Harvey Nichols, Tommy Hilfiger, Hugo Boss, Michael Kors, House of Fraser, Hollister, Mint Velvet, LK Bennett, Starbucks amongst the over 40 “firsts” to Ireland delivered in Dundrum.
Dundrum Town Centre is widely regarded as one of the foremost shopping centre schemes in Europe. The 80,000 sq. m. (860,000 sq. ft.) scheme opened in 2005 with its 110 units fully let. The enduring quality of the offer that had been created resulted in Dundrum Town centre enjoying the only positive retail rent review cycle in Ireland in 2010 despite the ongoing Global Financial Crisis. During the period of Bannon’s retail leasing role, the ratio between prime High Street city centre rents and rents in Dundrum narrowed from 3:1 to 3:2. Bannon’s role with the centre continued post opening until the asset was sold in 2016.