The TV3 headquarters building at Westgate Business Park and another office investment alongside the M50 in Ballymount, Dublin 22, have been bought by a pension fund for £7.4 million (€9.4m).

With the overall rent currently at £410,000 (€520,592) the net initial yield will work out at around 5.1 per cent.

The buildings are rented at less than £10 (€12.70) per sq ft, suggesting that there is scope for rental growth in the coming years.

The TV3 building has over 33,000 sq ft of space and has been extensively refurbished in recent years to provide offices, production areas and studios. The company is paying a rent of £231,150 (€293,499) for the building which is held on a 20-year lease from 1997. There is a break clause in the lease.

The second building of 30,500 sq ft is rented at £179,958 (€228,499) by the German plastics company Hostaglas. It has been in occupation since 1994 and has a break option in its lease.

Both buildings were owned by Green Property which developed Westgate, where many of the units are used as warehousing and offices. There are a number of multinationals companies in the park including Mitsubishi, Infomix and Contact Papers Ltd.

The park occupies a pivotal position just off the Ballymount interchange with the M50. Simon Murray of Green Property said the sale marks the end of the Westgate project. The company's industrial programme would now focus on further investment in Fonthill Business Park in west Dublin.

Brian Cooney of Hamilton Osborne King acted for Green Property and John Moran of Jones Lang LaSalle advised the pension fund.