OLIVES Property, a London property investment and development plc has purchased a 23,266 square feet warehouse and distribution unit in Glasnevin for £550,000. The premises are let to Rank Hovis McDougall at a rent of £66,250 per annum, putting the consideration on a net yield of 11.2 per cent. There will be a rent review in 1999.

The purchase is Olives' first in Ireland and was made because the company said it considers conditions in the Irish market as "highly favourable" with the economy continuing to improve and with the prospect that interest rates will remain low.

"We hope to achieve prominence in the sector and benefit from anticipated steady improvement in rental and capital values," said Mr Anthony Grant, director.

It has gross assets of £34.6 million sterling.