A Dublin office block sold about a year ago by the Bank of Ireland for £4 million is about to change hands again for £6.5 million. The bank is not due to hand over the building for another two months. Dublin property developer David Arnold stands to make a pre-tax profit of £2.5 million on the 23,000 sq ft building at 6 Burlington Road, Ballsbridge, Dublin 4, which he bought at tender for around £4 million. The sale was due to be completed before Christmas but at the request of the bank, the closing date was put back to March next when the bank staff are to relocate to their headquarters building in Baggot Street.

In the meantime, Mr Arnold has agreed in a private transaction to sell on the contract at a handsome profit. A report that the new owners will be either fruit distribution group Fyffes or members of the McCann family could not be confirmed yesterday. Mr Arnold has refused to confirm the resale of the building but Peter Stapleton of Lisney, who was seeking a tenant, confirmed yesterday that the block is no longer on the agency's books. Mr Arnold outbid a number of private investors for the block, which is likely to be refurbished. The windows in particular are in need of attention. The £4 million paid by Mr Arnold was perceived as a strong price for a 25-year-old building even though it has 55 carparking spaces available in the grounds.

In June, 1996, Mr Arnold also bought the former Irish Press headquarters at Burgh Quay and later sold it on to The Irish Times.