Friends First has acquired nine retail and office properties mainly in South William Street and Clarendon Street in Dublin city centre.

The mix of investments costing over €30 million formed part of the Madrid Portfolio, which was assembled by businessman Bernard McNamara to facilitate the development of an upmarket shopping enclave between Clarendon Street and South William Street.

The balance of the portfolio has been bought by the Doyle family who own the adjoining Westbury hotel.

Friends First is expecting a return of 4.5 per cent on its investment which includes a heavy concentration of commercial buildings mainly in South William Street, but also in Chatham Row, Coppinger Row and Clarendon Street.

Many of the buildings are understood to be under-rented. Friends First, which already owns the Hibernian Way shopping and office complex, is expected to upgrade some of the newly acquired buildings.

The properties bought by the Doyle family include 6-7 and 8-9 Balfe Street, and 1 Westbury Mall which, if redeveloped, would add another 50 bedrooms at the successful hotel.

Knight Frank handled the sale on behalf of Marcus Bell of real estate advisers Duff & Phelps.