Sale of Dynasty's 19 leases to yield around €1.5 million

Retail MarketDynasty, the trader specialising in the sale of jewellery and fashion accessories, is to dispose of the leases of all its 19 stores in Dublin and other cities and towns.

The sale is expected to yield around €1.5 million, according to Mervyn Ellis of Dublin agent HWBC.

The portfolio can be offloaded in one lot if a suitable buyer emerges but the likelihood is that the leases will be sold off individually because of their good locations.

These include stores in both the Blanchardstown and Liffey Valley centres in Dublin, Wilton and Douglas Court shopping centres in Cork, Corbettcourt shopping centre in Galway, Market Cross in Kilkenny and Crescent shopping centre in Limerick.

Four of the leases have already been sold in the Ilac centre in Dublin, Waterford, Tullamore and Merchants Quay in Dublin.

Dynasty was set up in Cork in 1989 by businessman Cyril Walsh. Rumours about the closure of the chain of stores have been ongoing for several months.

A statement from HWBC said Walsh had made the decision to sell as he wants to fully concentrate on the running of the 40-strong chain of Sasha shops which he acquired two years ago.

Ellis says that interest in the Dynasty shops was expected from a wide range of users, including competitors and the mobile phone chains.

He also suggested that the shops will be of interest to overseas retailers looking to enter the Irish market.

The shops are generally on the small size, ranging from 19.23sq m (207sq ft) up to 63sq m (678sq ft).

Key money being sought will start at €15,000 in the struggling Long Walk shopping centre in Dundalk (the rent here is €18,240 for a unit of only 23sq m/248sq ft) to €250,000 for the strong performing Liffey Valley outlet where the rent is €81,000 for a shop of only 25.2sq m (271sq ft).

The rent for the 34sq m (366sq ft) shop in the Blanchardstown centre is due to be increased from €67,000 to €93,000.

The Square in Tallaght is already charging €90,000 for 47sq m (506sq ft) while Golden Island in Athlone only gets €51,813 for a shop of 60.4sq m (650sq ft). With the new Athlone shopping centre due to open shortly, rents in competing centres are unlikely to rise at all.

Other shops in the chain are at Galway shopping centre; Drogheda Town Centre; Monaghan shopping centre; Bridge Centre in Tullamore; Market Place in Clonmel; Harbour Place in Mullingar; Laoise shopping centre; South Main Street in Wexford; and Dungarvan Town Centre.