IRISH Life is expected to secure in excess of £1.5 million for five local area sales offices in Dublin when they are sold shortly both by tender and by auction through Lambert Smith Hampton. The five properties include modern and period buildings, suburban retail premises and investment properties with blue chip tenants. Irish Life is planning to replace the offices by two regional centres.

Sean O'Neill of the selling agents said he expected particularly strong interest from retailers and investors in the buildings at Howth Road and Cabra Road, where the tenants include AIB and National Irish Bank.

Irish Life is likely to fetch about £600,000 for the investment property at Howth Road, near Collins Avenue, where it forms part of a parade of shops anchored by SuperValu. National Irish Bank and Garland & McDermott are paying a rent of £32,000 per annum, which could be increased to £57,000 when the retail unit is let.

The other investment property, which is probably worth around £375,000, is also located alongside a row of shops at Cabra Road, just north of Phibsboro. AIB is a tenant and there is also an apartment. The agent estimates that the current rent of £15,450 could be increased to over £33,000 when a retail unit is occupied.

Lambert Smith Hampton will probably secure over £200,000 for a 1,900-square-foot office building at Marine Road, opposite Dun Laoghaire Shopping Centre, which goes to auction on October 10th. It could be used as offices, for residential purposes or as a hotel or hostel. There is a car-park at the rear.

Also going to auction is a newly constructed building of 2,800 square feet along the main street in Lucan village, which should make more than £220,000 at auction.

The final unit for sale is the leasehold interest in an office suite of 4,355 square feet of which 2,000 square feet has been sub-let to Xtravision at Sundrive Road in Kimmage.