PROPERTY developer Sean Dunne has paid £5 million for Grattan House, a 43,000-square-foot office building owned by Irish Life at Grand Canal Street, Dublin 2. The investment will provide an initial yield of 7.8 per cent, which should rise to close to 10 per cent when an overdue rent review is completed. The block, located opposite the Treasury Building, is let to the Office of Public Works under a 35-year lease, which has another nine years to run. The current rent of £432,000 is expected to rise to over £500,000. Grattan House has 86 car-parking spaces at basement level. The building was originally offered for sale about two years ago by Irish Life as part of a larger portfolio but was withdrawn because of a change of policy.

Mr Dunne was head of Berland, which developed housing at St Helen's at Booterstown, Co Dublin.

Willie Dowling of Gunne acted for the purchaser.