What is believed to be a record price of £1.2 million has been paid for a small pharmacy at Stillorgan Shopping Centre in Co Dublin. Bates Pharmacy, which has four other outlets in Dublin suburban shopping centres, paid the premium for a 670 sq ft chemist run by Murrays for many years. The business had a turnover last year of £700,000 and was in competition with one other pharmacy in the Stillorgan centre. The shop is rented under a 42-year lease from 1966 at a rent of £25,500 per annum.

Keiron Diamond of Ganly Walters, who negotiated the deal, said the price underlined the intrinsic value of pharmacy licences. However, other observers suggested that the four companies, including Bates, who each bid over £1 million for the Stillorgan pharmacy, may have planned to look for a larger shop once the shopping centre is redeveloped. Since then, An Bord Pleanala has refused planning for an £18 million extension to the centre. The owners are to seek permission for an amended scheme.