The current home of the Department of Justice is officially up for sale, with an asking price of €20m.

The premise, located on the south side of St Stephen's Green, was originally the Centenary Church of Ireland and part of the structure dates back to 1841.

It features a modern office extension to the rear and houses an overall floor area of 2,067 sq m.

The property is being offered for sale through Savills, on behalf of the investment management group SW3 Capital.

Savills notes that "a new buyer is likely to avail of the prospect of upgrading the property and potentially adding a significant amount of floor area, via a new penthouse floor."

It also comments that, "many sources in the market have been speculating whether or not the State may present an interest in acquiring the property given their long standing association, and its obvious proximity to the Dail."

The Centenary Church purchased the site in 1841. In 1968, the church was damaged by a fire and the property was sold.

"This is certainly one of the most exciting asset management opportunities, in a truly prime district, to have ever been offered for sale in Ireland. The benefit of strong State income, coupled with the prospects of an upgrade project in the near future are extremely rare in this type of location.  I expect the prestige and history associated with the property will draw an array of investor types, owner occupiers and developers to consider the opportunity," Dessie Kilkenny of Savills commented.

The asking price of €20m reflects a current initial yield of close to 5% and a capital value of €899 per sq ft.