LEADING property developer Dunloe House has turned down an offer of £3 million for five Georgian houses at 28 to 32 Lower Pembroke Street, Dublin 2, which it bought over a year ago for £1.75 million.

The company recently completed an agreement to lease the houses to the Dublin Institute of Technology for a 10-year period at a sliding rent which will average £250,000 over the next five years. Both Dunloe and the institution share an option to break the lease after five years. Dunloe eventually plans to convert the houses into apartments which will overlook Fitzwilliam Square. The company recently converted five buildings in Merrion Street into high quality apartments which have all been sold.