A North American fund has bought a standalone industrial building in Ballymount Cross Industrial Estate in Dublin 24 for €1.2 million – some €100,000 above the guide price set by selling agent QRE.

The Elizabeth Block has an overall floor area of 1,329sq m (14,308sq ft). Tocana Plastics currently holds a 10-year lease from 2010, at an annual rent of €100,000.

The net initial yield of 8 per cent underlines the much-increased demand for good industrial investments, particularly as the Ballymount lease has less than three years to run.