A development site at Davitt Road in Drimnagh, Dublin 12, has been sold at a discount of 88 per cent.
The 13.1 acres on the opposite side of the Grand Canal from St James's Hospital was bought for just over €8 million – a fraction of the €65 million paid for it in 2007 by Jersey-based developer David Kennedy. The land has been bought by the HSE which also owns an adjoining site.
Kennedy also lost a fortune on a major apartment scheme at the former Clancy Barracks at Islandbridge.
Agent William Harvey advised the HSE on the Davitt Road site, while Bannon acted for receivers Grant Thornton.
:quality(70)/s3.amazonaws.com/arc-authors/irishtimes/2f89f249-f5ec-442f-a46d-7ccea1465bd5.png)
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/6BDEAESQEJH4BHNFRSVZH3W4TM.png)