We could soon have a new shopping centre in the heart of Dublin city.
An extensive portfolio covering 18 commercial properties and 12 residential units located close to Grafton Street is expected to attract plenty of interest when it goes on sale from Wednesday morning.
According to the Irish Times, agents Knight and Frank have been instructed to sell the Madrid Portfolio, a collection of properties assembled by developer Bernard McNamara over a ten-year period.
McNamara’s intention in assembling the properties was to facilitate the development of an upmarket shopping arcade between Clarendon Street and South William Street in Dublin city, but plans were abandoned when McNamara’s bank loans were taken over by NAMA.
Pic via www.knightfrank.ie
The Madrid Portfolio is expected to attract plenty of interest when it goes on sale on Wednesday morning, with Knight Frank believed to be looking for in excess of €27 million for the collection of sites.
The listing on Knight Frank says that potential buyers will be looking at a portfolio with an approximate total floor area of 7,131 square metres and an annual passing rent of €1.4 million.
The Irish Times reports that the proposed shopping facility would need to be connected to Grafton Street through a series of walkways, including, potentially, a ground floor link through the Westbury Hotel.
All the units available are located in what is described as “the south city centre`s fastest growing commercial location”.
South William Street, for example, recorded a 26.9 per cent footfall between January 2014 and December 2015.
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