The value of Liffey Valley shopping centre in west Dublin has been written down by more than €80m in the last year after the collapse in Irish commercial property prices.

Grosvenor Estates, the property development company owned by the Duke of Westminster, wrote down its 50% stake in the centre by £36m after "the Irish market suffered further deterioration". The other 50% stake is owned by Aviva Investors. The partners, who are suing a number of tenants at Liffey Valley for unpaid rent, are currently in talks with F&C and Area Property Partners to sell them the centre for €350m.

Last year Grosvenor wrote down the value of a separate piece of land next to the shopping centre by nearly 40%. Grosvenor valued its 50% joint venture stake in Barkhill, the company which owns the land, at £12.8m at the end of last year, down from £20.1m the previous year. In the latest accounts, the 50% stake in the land is valued at £10.3, meaning it has effectively halved in value in two years.

Barkhill is due to find out from An Bord Pleanála in June if plans for a major retail scheme can go ahead.