Agents QRE have sold an office investment in Dublin’s International Financial Services Centre for almost 20 per cent above the guide price.

Conor Whelan and Aishling O'Hanlon originally quoted €4.4 million for the four-storey office investment at 12-13 Exchange Place which was offered for sale on behalf of receivers PwC. The top floor of the 1,055sq m (11,351sq ft) building was vacant at that stage, but after one of the existing tenants, Elix Aviation, opted to rent the available space at €484 per sq m (€45 per sq ft) there was a renewed round of bidding before the property was knocked down to a private Irish investment fund at €5,175,000.

With the rent roll now at €290,000 per annum, the new owners can bank on a return of almost 5.35 per cent after allowing for purchasing costs of 4.46 per cent.

The other two tenants are Reuters Ireland and Willis Mitsui.