A private investor has bought the Limerick headquarters of the Bank of Ireland at the junction of O'Connell Street and Bedford Row for €10.5 million.

Ross Fogarty of Knight Frank handled the sale for another investor who acquired the building during the boom for around €17 million. The three-storey over-basement building extends to 2,095sq m and was extensively refurbished in 2009. Its key specifications include air conditioning, suspended ceilings, recessed cat-two lighting and two passenger lifts.

The building is let to the bank on a 25 -year full repairing and insuring lease from 2006.

The passing rent of €685,736 is subject to upwards-only rent reviews every five years. There is another 14.5 years to run on the lease.

The new owner will get a return of 6.2 per cent on the investment.