Davy Property has made another key investment, buying the Tesco Supermarket at Upper Rathmines Road, Dublin 6, for €7.7 million.

It was previously owned by businessman Paul Hanby.

The 2,043sq m (22,000sq ft) supermarket was built in 1988 and includes 70 car parking spaces on a high profile 0.8-acre site at the junction of Rathmines and Rathgar roads. Tesco pays a rent of €440,000 under under a lease which runs until 2023.

The complex will undoubtedly be redeveloped in the medium to long term.