Peter Brown of agents Brown Corrigan is likely to quote a rent of €376 per sq m (€35 per sq ft) for a high quality modern office building at 12/14 Lower Mount Street, Dublin 2, which has just been acquired by a client for a figure believed to be in excess of the €3.5 million guide.

The new owner, a private investor, is to carry out some internal refurbishment work on the 1,393sq m (15,000sq ft) block before offering it for letting. The building was occupied up to recently by IPB Insurances.

Daniel Shannon of selling agents Knight Frank reported strong interest in the building from investors and owner-occupiers.

The five-storey block is likely to attract considerable attention because of its prime location, the high spec fit-out the ever worsening scarcity if good quality office accommodation in the city centre.