Shell goes off-market to sell €5.5m shop

Final offers have been sought for the Carphone Warehouse retail building on Dublin's Grafton Street which is to be sold on behalf of the Irish Shell Trust's pension fund.

Dublin agent North’s is seeking in the region of €5.5 million for the investment in an off-market transaction that has not been advertised.

North’s is understood to have circulated details of the pending sale to the main estate agents and investment funds.

Carphone Warehouse has a 35-year lease on the building from 1993, subject to the usual upwards-only rent reviews. The contracted rent of €485,000 has been abated by agreement to €310,000 until May 2015.

The distinctive five-storey building extends to 324sq m (3,490sq ft), including a ground-floor retail area of more than 76sq m (818sq ft).

Merger talks

Last month, Carphone Warehouse, Europe's largest independent mobile phone retailer, confirmed it was involved in merger talks with Dixons Retail, the second biggest electrical retailer.

Also on Grafton Street, Lisney and Bannon is quoting €3 million for the Bus Stop newsagents building which is producing an abated rent of €240,000. The full rent is €300,000.

Separately, Shell’s Corrib gas project in Co Mayo has been delayed for years by strong resistance from local residents.