CANADA Life Assurance is to sell three retail investments in the Merrion Shopping Centre at Merrion Road, Dublin 4, as part of a review of its property portfolio in Ireland. The anchor tenant, Quinnsworth, bought the supermarket and, apart from Canada Life's interests, most of remaining 20 shops units are owned by Dunloe. Mason Owen Lyons expects to sell the three shops at yields of 7.5 to 8.5 per cent in the present strong investment market.
The largest unit going for sale has over 1,000 square feet and is rented by Power Supermarkets for its Notions business at a rent of £32,654 per annum. The 25-year lease runs from 1990. The agents expect to secure in excess of £400,000 for the investment, representing a yield of about 7.5 per cent. A price of £220,000-plus is likely to be secured for a 580-square-foot unit which is rented by Hayes Book Shops for their Wordsmith business. The rent in this case is £20,300. The agents expect to secure at least £90,000 for the third shop, which has a floor area of 290 square feet and is let on a short lease to a children's fashion retailer at a rent of £8,000.
