Development Securities, the British-listed property company, has paid €6 million for a 1.8-acre redevelopment site in Sandyford, Co Dublin.

The site includes a 3,902sq m (42,000sq ft) office and warehouse building along with 107 car-parking spaces let to Avid Technology International until April 2017.

The initial yield will be 12.75 per cent, according to the new owner.

‘Selectively expand’

A planning application for the redevelopment of the site is currently being considered and provides for a mixed-use development that will include up to 140 residential units and 929sq m (10,000sq ft) of commercial space.

Matthew Weiner of Development Securities said the company's presence in Dublin "is growing as we continue to selectively expand both our development and investment activities where we see strong buying opportunities within the market".