Norwich Union has paid £6.3 million for three light industrial and office units at Heather Industrial Park, in the Sandyford Industrial Estate, Dublin 18. Cavan construction company P Elliott sold the investment portfolio, which will produce an initial yield of almost 7 per cent. The rent for one of the units is currently being reviewed and reversions are due in the other two cases in the summer of 1999. The price paid virtually corresponds with the £6.2 million Norwich Union secured from Hardwicke for an office site of three-quarters of an acre at Upper Hatch Street, Dublin 2.

The three high-quality units in Heather Park, all built in the last four years, are currently producing rents of £460,000 per annum. General Motors is paying a rent of £171,000 for a building of over 14,000 sq ft; Brooks Thomas rents 25,000 sq ft and a similarly sized yard for £150,000; The US Embassy is paying £74,145 for a building of 12,500 sq ft while Helsinn Birex Pharmaceuticals Ltd pays a rent of £65,000 for 12,500 sq ft.

Ann Hargaden handled the purchase for Norwich Union while the joint selling agents were Gunne and Frank Frisby.