A major portfolio of properties west of Dublin's Grafton Street is now up for sale and expected to fetch €27m.

The 'Madrid Portfolio' comprises of 18 commercial and 12 residential properties.

The jigsaw of spaces now opens the possibility of a major shopping mall being developed between Clarendon St and South William St.

This had been the intention of property developer Bernard McNamara who snapped up the properties before his bank loans were taken over by the National Assets Management Agency (NAMA).

Metro Cafe occupies the ground floor of one of the properties

Marcus Bell of real estate advisers Duff & Phelps has instructed Knight Frank to sell the mixture of residential, retail, restaurant, bar, and office properties.

Frank Knight says that in the future the lots, "offer an attractive opportunity to drive rental value from a low base and presents superb potential for future redevelopment," which suggest that the face of the neighbourhood could be changing in the coming years.

The properties have an approximate €1.4 million annual passing rent - and are comprised of some 7,131 sq.m.