OfficeInvestments: A large office investment in Dublin's central business district is for sale by private treaty through Jones Lang LaSalle at a guide price of €18 million.

Block 1 of Clanwilliam Court in Lower Mount Street has 3,197sq m (34,412sq ft) of office space over five floors and a current annual rent roll of €1,106,486.

The block is owned by the Irish Airline Pilots Pension Fund and, like most of Clanwilliam Court, is beginning to show its age. New owners are likely to either refurbish the block for sale or redevelop the site when the existing leases run out in about five years.

Lower Mount Street is one of the city's best office locations, within minutes of Grand Canal Dart Station and having six bus routes running along it from the city's southern suburbs. In addition, the building has parking space for 74 cars, a ratio of one space for every 43sq m (462sq ft).

"As well as being situated in a superb business location, this property also has redevelopment potential over the medium term," according to Max Reilly of Jones Lang LaSalle. "This is an area in which several major buildings have been refurbished in recent years as its attractions have been renewed."

Clanwilliam Court dates from 1972 and Block 1 is L-shaped with frontage onto Lower Mount Street and onto an internal courtyard. Its principal occupants include AON McDonagh Boland insurance brokers and the Office of Public Works. Leases run from 35 years from 1974 to short-term leases of several years on a small number of the car-parking spaces.