Bannon was appointed by the Eircom Superannuation Fund in 2009 to carry out Asset Management and Enhancement services for The Retail Park Liffey Valley. The Scheme, which extends to over 170,000 sq.ft. was occupied by Nationwide Tiles, Carpetright, JJB Sports, Atlantic Homecare, Argos, Diamond Living, Harry Corry, Halfords, PC World and Curry’s at the time of instruction.
Bannon’s role as Strategic Advisors for the park has evolved over the life of our appointment, and has required a multi-faceted, proactive approach to value enhancement.
Given the nature of the Client, the Team set in place a regime of regular, informative and accurate asset monitoring and reporting, providing regular updates to the Client.
At the time of instruction Ireland was in the grip of economic recession, and as such Bannon’s primary role was to stabilise rental income, regularise lease positions and to increase NOI (net operating income) during this period.
However as economic conditions improved Bannon’s Strategic Consultancy Team refocused strategy on capitalising on the The Retail Park Liffey Valley’s strategic position and large catchment area, implementing a scheme wide rebrand and lettings strategy. Targeted Consumer and Occupier marketing initiatives were implemented with the goal of increasing the catchment penetration of the park, but also adding value through the letting of vacant space.
In the last year, the scheme has undergone its most significant step in the realisation of our value add strategy, with the Bannon letting team securing Sports Direct and The Range as new Tenants. These lettings have effectively transformed the scheme, benefitting from the unique offering of The Range in the Dublin market and the string footfall attraction derived from Sports Direct.