An Irish investor based overseas has bought a five-storey office building at 24-26 Upper Ormond Quay, Dublin 1, for around €1.85 million.

The 1980s building overlooks the river Liffey half way between the former Ormond Hotel and the Four Courts.

The tenants include Pearts Solicitors and Sage together with Comyn Kelleher Tobin, solicitors, who are on a short term lease. The building extends to 638sq m (6,865sq ft) and has a lift serving all floors. Interestingly, it was constructed and owned by An Post and is now producing a rental income of €130,000 per annum.

A new letting of the first floor from next October should increase the rent roll to around €155,000, giving the new owner a return of over 8 per cent.

Peter Brown of Brown Corrigan Chartered Surveyors advised the investor while Keith O'Neill of BNP Paribas Real Estate acted for the vendor.