Nutgrove shops sold to investors for £5m

Six private investors have paid close to £5 million for eight shops in Nutgrove Shopping Centre, at Rathfarnham, Dublin 14, in deals which will give them an average yield of around 5 per cent. The rent roll is £277,000 and rents are due to be reviewed this year in seven of the eight stores. Lisney logged several hundred inquiries for the shops, which were sold by the owners of the centre, New Ireland Assurance. Ann Hargaden of Lisney said the high level of interest underlined the strong demand at the moment for good quality retail investments.

Traders have reported a noticeable increase in turnover since the opening of Argos at Nutgrove. The 200,000 sq ft centre has strong anchors in Quinnsworth, Dunnes Stores, Roches Stores, Penneys and Boots.

One of the investors paid in excess of £1.25 million for a double unit of 2,000 sq ft rented by Tylers at £71,000. The 1,000 sq ft Pound City unit, rented at £40,000, made close to £750,000; The Sale Shop, 593 sq ft with a rent of £27,500, fetched £500,000; Donal McNally opticians, 870 sq ft and rented at £32,000, sold for over £650,000; O'Donovan Pharmacy, 1,000 sq ft rented at £40,000, changed hands at over £730,000; Book Station, 1,000 sq ft rented at £32,000, made over £700,000; while Motion Pictures, rented at £35,000, was sold for more than £700,000.