The garda regional headquarters in Dublin city has been sold for €70m in an off-market transaction.

Hibernia REIT plc is to acquire the building near St Stephen's Green from its current owners, Gangkhar plc.

The complex is just across from the Odeon bar and Harcourt Luas stop. It has 116,848 square feet of office accommodation in four blocks, and parking spaces for 158 cars.

The price means it equates to about €540 per square foot for the office space.

The building on Harcourt Street | Image: Photocall

Hibernia say the site "has potential for redevelopment at significantly increased density."

A planning application is expected to be lodged shortly.

The property is let to the Office of Public Works (OPW) and fully occupied by the gardaí at a rent of €4.9m per year.

The lease on block 1 expired in late 2014, and the leases on blocks 2, 3 and 4 expire in 2016.

The OPW has applied for a court lease renewal on block 1 - and discussions are said to be on-going for possible lease extensions on the other blocks.