THE GAMBLING chain Boylesports is to attempt to offload seven of its offices, five of them in the Dublin area and others in Ennis, Co Clare, and Ballincollig, Co Cork.
Agents CB Richard Ellis says the seven leasehold properties are available for sale by assignment or sub-letting. But, with the demand for retail units having been particularly slow in recent months, the company may have to consider paying reverse premiums to offload shops with relatively high rents.
Boylesports has over 160 stores nationwide and, according to CEO and founder, John Boyle, the plan is to grow the number of outlets to more than 200.
New shops were recently opened in Tullamore and Carlow. But, he said, they would also pursue “a divestment strategy” for non-profitable properties to protect the overall health of the company.
In scenarios where rents were unrealistically high for the current economic climate, they would have no choice but to “closely review the rationale to keep those properties open”. He said that naturally they had found that high rents in the towns where they had chosen to divest had escalated and had ultimately affected these stores.
Earlier this year Boylesports acquired 17 of the former Celtic Bookmakers shops when that company went into receivership.
Two of the leaseholds going on the market are in Skerries: one at Skerries Point where they pay a rent of €97,200 for a unit of 172sq m (1,851sq ft). The second shop in the seaside town, at Strand Street, is slightly smaller and has a passing rent of €46,000. Also going for sale is a shop at The Crescent in Mulhuddart which extends to over 60sq m (645sq ft) and is rented at €51,000.
Boylesports also plans to offload its store in Ballymun which extends to 130sq m (1,399sq ft) next to Supervalu on Main Road and is rented at €90,000. The fifth Dublin store is at Terenure Road North where the company pays a rent of €41,000 for 55sq m (592sq ft).
The two provincial units are at O’Connell Street in Ennis where it pays €92,500 for 157sq m (1,689sq ft) and at Eastside, Ballincollig, where the rent is €85,000 for a unit of 148 sq m (1,593sq ft).
