Marshes Shopping Centre
Bannon were appointed by Kennedy Wilson as joint agents for the sale of Marshes Shopping Centre, a 30,000 sq.m. centre with Penney’s and Dunnes anchor in the heart of Dundalk. It was imperative that the process communicated Marshes position as Dundalk’s premier retail destination and de facto high street and demonstrated strong Covid-recovery and high occupancy as a result. The Client had actively managed the Centre through Covid and this presented the scheme as a clean, uncomplicated asset at the time of sale.
As letting agents, Bannon had a strong understanding of the Centre and occupiers, informing income analysis. We undertook a competitive catchment assessment and utilised multiple public and industry databases to forecast future catchment growth and analysed how the associated growth in spend will promote occupier sustainability. We worked with the Property and Centre Manager to understand service charge, car parking regime and commercialisation and coordinated works including a full scheme BER assessment managed by Bannon Property Management. A full suite of marketing material including press and website were coordinated by the agents to best promote the Centre across the market.
Following a high-profile public marketing campaign and interest from a range of national and international buyers, multiple bids were received for the Property with Bannon ultimately securing the winning bid. The Centre transacted for €29m in Q3 2023 to Davy Real Estate with Bannon being retained in their leasing role.