Massive premium on sale of modest city property

CHARLIE MCCREEVEY could be laughing all the way to Cheltenham.

He, at least in his role as taxman/Finance Minister, was a handy beneficiary of a retail investment property sale in the last week.

A modest-sized Castle Street property, no 6, with a rental income of 25,400, sold for 640,000, well over its 400,000 guide. It represented a yield after costs of 3.7%, and up to a dozen bidders gave chase and over 20 parties had asked for conditions of sale, indicating a healthy auction to come.