Investors likely to snap up Nutgrove shops

Seven shop units at Nutgrove Shopping Centre in Rathfarnham, Dublin 14, are likely to be bought by private investors when they…

Seven shop units at Nutgrove Shopping Centre in Rathfarnham, Dublin 14, are likely to be bought by private investors when they are sold by private treaty through Lisney. Ann Hargaden of the selling agents is inviting offers over £4.35 million for the portfolio but may also sell the investments in individual lots at prices varying from £425,000-plus to more than £1.1 million. The retail units are being sold by New Ireland Assurance Company in a restructuring of its portfolio. With most private investors unable to re-enter the residential investment market because of the Bacon tax restrictions, Lisney expects an early sale of the shops which are let to good covenants with 20 years still to run on the leases. The shops currently produce a combined rent of £277,500. The tenants are Tylers with a rent of £71,000; O'Donovan Pharmacy and Pound City with £40,000 each; Motion Pictures, £35,000; Donal McNally Opticians and Book Station, £35,000 each; and The Sale Shop, £27,500. Nutgrove is trading strongly with four anchors - Tesco, Dunnes Stores, Roches Stores and Penneys.