DUBLIN publican Cyril O'Brien is not to proceed with the development of a theatre in the round at Middle Abbey Street and North Lotts in Dublin 1. Druker Fanning will now sell the four-storey Georgian retail building and the old bonded warehouse at auction on July 31st. They are likely to make in excess of £450,000. The two buildings back on to the large apartment scheme recently completed by Zoe Developments on Bachelors Walk.

Mr O'Brien obtained planning permission for a £3-million theatre to seat 400 and a music venue below it to accommodation 600 people. He had hoped to recoup about £1 from the EU.

Niall Love of Druker Fanning says the two buildings would probably be redeveloped as apartments or student accommodation. A few doors away, a new hotel is under construction on the site of the former Cameo cinema. Next door, work is under way on a new guest house.

Mr O'Brien recently secured £3 million for the 28-bedroom Adams Trinity Hotel and the adjoining O'Briens bar at Dame Street. In a carefully structured deal, he retained the right to buy back the hotel for a similar amount after seven years once the purchasers had availed of the capital allowances. However, Mr O'Brien subsequently sublet the business to Sherbelle Taverns, with rights to acquire his buy back option at more than £4 million.

Meanwhile, Druker Fanning has secured over £600,000 after auction for an apartment site at St Augustine Street, near Christchurch. The site covers an area of 12,000 square feet.