Irish Life is to commit an estimated £8.5 million on pre-funding by purchasing a 50 per cent stake in two office blocks at Deansgrange Office Park in Dublin. The developers are Paddy Kelly, John Walsh and John McCabe. The investment is expected to produce a yield of round 7 per cent.

The two blocks will have 71,000 sq ft and 189 car-parking spaces. The first building will be ready for occupation early next year. Irish Life's involvement in the deal forms part of a restructuring of its portfolio which will see the company moving away from smaller lot sizes and concentrating on new projects. The two high-tech blocks in Deansgrange can be subdivided. Gunne represented the developers and Palmer McCormack acted for Irish Life. Both agents are letting the development and are quoting £18 per sq ft and £500 per car-parking space.