Norwich Union has paid almost £4.5 million for a high-tech building in Bray which will give it a net yield of just under 6.5 per cent - one of the lowest returns for a building of it type. The sale-and-lease-back deal was negotiated by Trinity Biotech plc for the 45,000 sq ft building which it occupies in the IDA Business Park in Bray. The company will be paying a rent of £300,000, the equivalent of £6.80 per sq ft under a 20-year lease with no breaks. The 10-year-old building was recently upgraded.

Hamilton Osborne King advised Norwich Union and Lisney acted for Trinity Biotech. Norwich Union's Irish property portfolio is valued at around £150 million, with 60 per cent of it is offices, 30 per cent in retail and 10 per cent in industrial. The immediate plan is to strengthen the industrial element.