Offers in excess of £9.5 million are being sought for Rathfarnham Shopping Centre, Dublin 14, which is owned by the P.V. Doyle hotel group. A number of parties have apparently expressed an interest in acquiring the 28-year-old centre. The complex is currently producing a rent roll of £880,000, which includes service charges.
There are two main anchor tenants, Quinnsworth, which is paying a rent of £200,000 and Penneys, which pays £110,000, as well as 25 other shop units. Penneys' lease expires in the year 2000, while the Quinnsworth lease runs out five years later. The other shops are all on 25-year leases, which started in 1994. Most of the units have a floor area of 1,250 square feet and are rented at £35,000 per annum.
The centre is apparently trading strongly despite strong competition from the Nutgrove centre, which has been extensively upgraded in recent years by the owners, AIB Investment Managers. The Rathfarnham centre trades on two levels, with the ground floor shops opening on to the car-park. The centre was built on part of the former golf course owned by Rathfarnham Golf Club. Two sons of the late P.V. Doyle, David Doyle and Michael Doyle, resigned from the group last July.
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