A business consortium has paid in excess of £8 million for an office block under construction for Kindle Banking Systems at Eastpoint Business Park in the Dublin docklands. AIB is funding the purchase for the consortium, which can claim valuable tax breaks because the building is located in a tax enterprise area.

The 41,299-square-foot block was pre-let two years ago to Kindle at £10.25 per square foot. The overall rent of £435,000 will produce an initial yield of 5 per cent, excluding tax concessions. The yield is expected to move up to at least 7 per cent on the first review of the rent.

Palmer McCormack had been quoting a price of close to £8 million for the block, but it made considerably more in private bidding before it was knocked down to Ann Hargarden of Lisney.