FRIENDS Provident has paid £1.4 million for an office investment at Richview Office Park, Clonskeagh, Dublin 4, in a deal which will produce a yield of 7.5 per cent. The 8,000-square-foot office block and 28 car-parking spaces are let to Unidare at a rent of £115,000, representing around £13 per square foot. Friends Provident is the second institution to acquire an investment in Richview following the sale of two blocks to Scottish Provident for around £1 million each.

Flynn and O'Flaherty are developing 125,000 square feet of office space at Richview in eight large blocks and six smaller units. More than 50,000 square feet of space has already been completed and negotiations are under way to let a further 50,000 square feet in three blocks which are under construction. Ann Hargaden of Lisney advised Friends Provident and Adrian Trueick of Sherry FitzGerald acted for the developer.