Lisney is quoting £8 million to £10 million for a significant part of Dun Laoghaire Industrial Estate which is to be sold by private treaty. The six-acre complex has one office building and two industrial units, which are currently producing a rental income of £600,000. This is expected to rise to over £800,000 when a range of rent reviews are completed.

Bank of Ireland occupies about half of the 9,000 sq ft office building on a 10-year lease from last year, with the remainder held on short leases. Upright International Manufacturing pays a rent of £236,000 for a 67,000 sq ft industrial unit under a 25-year lease with break options every fifth year. Another industrial unit with 33,000 sq ft and 10,000 sq ft of offices is rented by pharmaceutical company Smith & Hephew under a 20-year lease with a break option in 2006.

Lisney says the guideline price would reflect a net initial yield of 5.5 to 6.9 per cent.