£6.5m expected for Donnybrook shops

Ten retail investments at Donnybrook Mall in Dublin 4 are to be sold by private treaty through Hamilton Osborne King. The shops will be offered for sale in one or four separate lots and are expected to make in excess of £6.5 million for the owners, Allied Irish Investment Managers.

The rent roll for the units, which total 15,395 sq ft, is £284,250. Two units occupied by Ulster Bank at a combined rent of £47,000 may be sold in one lot. Two units rented by Abrakebabra and Lyknu Cleaners at £54,500 form another lot, while the Centra supermarket, rented at £57,000, is another lot. The fourth lot will comprise Marion Gale, Donnybrook Pharmacy, Allied Security and Chartbusters at a combined rent of £125,000.

Brian Cooney of Hamilton Osborne King says that with rent reviews due on seven of the 10 shops this year there was a "spectacular reversionary potential".

The shops are let to a number of long-established tenants and trade exceptionally well. It is thought likely that several private investors will pitch for the entire portfolio in the expectation that they might secure planning permission to add one or two storeys to the development.