Investments: There will be plenty of interest in a fully let modern office block opposite the IFSC, writes Jack Fagan

In one of the most important sales so far this year of an office investment, a high profile office block at 24-26 City Quay in Dublin 2, is to be sold by private treaty through HT Meagher O'Reilly.

A guide price of €73 million has been set for the building which is located on the opposite side of the city quays from the IFSC.

The building is fully let under long leases and is currently producing a rent roll of €3,046,000. If the guide is achieved, the net initial yield will be 4.3 per cent.

With the first rent review due in 2008, there is considerable confidence that the current rent of €421 per sq m (€39.11 per sq ft) will show a significant increase.

The building has a floor area of 7,363sq m (79,252sq ft) and includes 30 basement car-parking spaces.

It is occupied by accountants Grant Thornton and solicitors Lennon and Heather.

A retail unit on the ground floor is rented by the Lemonstreet Gallery.

The six-storey block was developed in 2003 by Flag Properties, a company led by the Elliott brothers and Dave Mackey. It is ideally located overlooking the River Liffey and has superb views over much of the city. The building has been finished to an exceptionally high standard and has an attractive glazed facade, three glass climber lifts, a mosaic-clad feature stair tower and an impressive double height lobby featuring art work by Felim Egan. The internal features include raised access floors, metal tiled ceilings and an air conditioning system.

Since the City Quay block was completed, there has been a rush to develop several other high density office buildings further down river along the quays at Sir John Rogerson's Quay.