A well-known office building in Dublin city is up for sale with a guide price of €50m. Cumberland House was built in the 1970s and has seven stories.

The building currently extends to a total internal floor area of approximately 10,428 square metres and 213 car parking spaces.

But it also has an existing grant of planning permission, which has also been granted an extension of duration.

It gives permission for the construction of another office building, together with 73 car spaces.

Mark Reynolds, director of development at Savills Ireland, said: "The benefit of the existing planning permission ensures the certainty of deliverability in a timely fashion that will allow potential occupiers to consider Cumberland House immediately as a future destination."

At present, there are two new significant office projects under construction in Dublin - the former Canada House on St Stephens Green and the former Veterinary College in Ballsbridge.

Meanwhile, the Burlington House development on Burlington Road is expected to begin in the coming months.

Savills says the take-up of office space in the first six months of 2014 was just over 98,000 square metres and it estimates that take up for 2014 as a whole will be approximately 200,000 square metres - the highest level of activity in six years.

Some 71% of this space - 70,000 square metres - was taken in central Dublin.