Dublin businessman John Clohessy has paid around £7 million for six shops which have been developed as part of the Custom House Square apartment scheme in the Dublin docklands. The purchase will give him control of a 3,500 sq ft convenience store, from which he will run his Spar franchise. Mr Clohessy's company now operates around 100 Spar convenience stores in Ireland under an agreement with the BWG Group, a sister company of Irish Distillers. The franchise operation has a turnover of around £130 million per annum.

Since acquiring six outlets with a total of 9,500 sq ft, Mr Clohessy has sold on four of them to companies planning to trade alongside the Spar outlet. The selling price was around £700 per sq ft but purchasers can claim 90 per cent capital allowances because the development is located in a tax designated area. Ben Pearson of agents Douglas Newman Good is shortly to sell 8,5000 sq ft of retail space in the second phase of Custom House Square. Units are likely to make in excess of £700 per sq ft.