State buys 38,500 sq ft office block on Hanover Street

The State has bought the recently completed office block at 6/7 Hanover Street East in Dublin 2, which was developed by Danninger Ltd, a firm controlled by Liam Carroll of Zoe Developments. The 38,500 sq ft block was recently leased by the OPW at an initial rent of £1,133,750 per annum under a 25-year lease with no breaks. Agents Gunne Commercial and Druker Fanning and Partners had been quoting around £19 million for the block, a price equating to a yield of 5.5 per cent.