Irish Life have pocketed more then €28 million for the sale of two Irish investment properties, including one located in Cork's city centre.

The property at 47 Patrick Street, Cork, was sold to a private investor, while a financial institution agreed to buy Segrave House on Earlsfort Terrace, Dublin. The properties sold went to both parties after they tabled the ''best bids'' having attracted a high level of demand.

''While a number of investors are sitting back and adopting a wait-and-see attitude, prime assets in prime locations will always attract interest from astute buyers," said Colm Luddy, an investment director in CBRE, which acted for Irish Life.

The properties were acquired by Irish Life in 2000 and held in a fund put together by Irish Life, NCB and CBRE in early 2001. Segrave House was acquired for €10.8 million and Patrick Street for €2.96 million, meaning that investors have seen the price more than double in value. The profit will be distributed in the New Year to those who invested in the fund.

The Dublin property attracted significant interest from private individuals, in stitutions and developers, and sold for more than €19 million. The Cork property is let to Barratt Shoes, with eight years left to run on the lease. The building, at the junction of Patrick Street and Princes Street, sold for €9 million.

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