€900,000 for Drury St shops

A private investor has paid in excess of €900,000 for two adjoining retail buildings at 24 and 25 Drury Street, Dublin 2, which will show an immediate return of 5.6 per cent. Another building at the opposite end of Drury Street recently made in the region of €520,000.

Number 24 has 104 sq m (1,120 sq ft) and is occupied by Fitz for a €30,000 rent.

Number 25 has an overall floor area of 91 sq m (984 sq ft)and is occupied by The Printmakers Gallery at a contracted rent of €28,670, which is currently abated €22,994.

Both buildings were owned by developer Bernard McNamara as part of the Madrid Portfolio. They were sold on the instructions of Declan Taite of receiver RSM Farrell Grant Sparks. Declan Carroll of Bannon, who handled the sale, said the demand for the two buildings was "exceptionally strong", with a dozen formal bids received after more than 100 enquiries.

Jack Fagan

Jack Fagan

Jack Fagan is the former commercial-property editor of The Irish Times