The Dublin property investment market has reopened on a high note with the sale of a retail property in Dublin's Lower O'Connell Street at a surprisingly low yield of 4.7 per cent.

The Construction Federation Operatives Pension Scheme has paid almost £6 million (€7.62m) for a newly refurbished retail premises occupied by the Schuh outlet. The company is paying a rent of £300,000 (€380,921) for the four-storey over basement premises. It has 9,000 sq ft of space including 3,300 sq ft on the ground and first floors. Sean O'Neill of Lambert Smith Hampton said said the yield brought O'Connell Street closer to the prime yields on both Grafton Street and Henry Street. The Schuh premises is on a very busy stretch of O'Connell Street. Hamilton Osborne King was joint selling agent. Sean O'Brien of Insignia Richard Ellis Gunne acted for the fund.