A private Asian investor has bought Communication House, a modern office investment on Barrow Street in Dublin 4, for just over €7 million. The investment will show a net initial yield of 5.5 per cent and a capital value of €730 per sq ft.

The three-storey block extends to 895sq m (9,636sq ft) and produces a rent of €419,631 from the office space and 17 basement car parking spaces.The next rent review is due in January 2019. The building is let to Imagine Telecommunications Business on a 25-year, upwards only lease from 1999 but is not currently occupied.

James Loughnane at TWM advised the purchaser while Clive Roche of Cushman and Wakefield acted for the vendor.

Site sale across from Connolly station

CBRE expects considerable interest in a high-profile redevelopment site directly opposite Connolly railway station and close to the North Star Hotel in Dublin’s north inner city.

The site has full planning permission for a four-storey, over-basement, mixed-use development comprising 10 en suite bedrooms and a ground floor reception area and office.

Robert Colleran of CBRE says the planning permission may suit the growing demand for affordable short-term rental properties located close to a central business district.

CBRE is guiding in the region of €900,000 for the property.

Clinic buys out premises in Milltown

Milltown Physiotherapy Clinic has acquired the premises it has occupied for the past 25 years at 98 Lower Churchtown Road in Milltown, Co Dublin.

The clinic has bought No 98 and the adjoining two-storey block 98a for more than €950,000. Agent JLL handled the sale on behalf of receiver Grant Thornton. The purchase coincides with the 25th anniversary of the setting up of the firm.

Brian Shields of JLL said that though purchased by one of the tenants, the sale highlighted the depth of demand for investment properties in the Milltown area despite the recent stamp duty changes.

D5 site for two houses for €200,000

Agent Knight Frank is guiding in excess of €200,000 for a development site with full planning permission for two semidetached three-bedroom houses at Gracefield road in Artane, Dublin 5. The site of 0.10 of an acre is located within 700m of Harmonstown Dart station.