ESB fund seeks £2.6m for Dun Laoghaire block

ESB Pension Fund is involved in negotiations with a number of investors to sell one of its office blocks at the Adelphi Centre, Dun Laoghaire, Co Dublin. The fund is understood to be seeking about £2.6 million for Block C, a 16,000-square-foot building with 30 car-parking spaces producing a rental income of around £200,000. Multinational SmithKline Beecham occupies the space under a 35-year lease from 1992. The current rent of £11 per square foot is due to be reviewed in July. The ESB fund has withdrawn from sale two adjoining blocks of about 30,000 square feet, which are occupied by Ericsson.