LANDS OVERLOOKING Dublin Bay, bought at the peak of the property market for €6 million and used by developer Bernard McNamara as a helicopter landing pad, have been sold to a private investor for more than €400,000.

The 1.96 hectares (4.86 acres) adjoins the Booterstown marsh nature reserve, which has EU Special Protection Area conservation status.

About two-thirds of the site is in the administrative area of Dublin City Council, with the remainder in Dún Laoghaire- Rathdown. The two councils are understood to have made a single bid for the site but did not secure it. Receivers Farrell, Grant Sparks handled the sale for Nama.

McNamara used the site as a helipad after An Bord Pleanála refused him permission for 53 apartments and a public park between the Booterstown marsh bird sanctuary and an office complex owned by Castlethorn, which is currently for sale. A price of about €13 million is being sought by BNP Parisbas for the three-storey Merrion House and an adjoining former call centre. Almost two acres beside the offices are also for sale at between €5 and €6 million. An Taisce appealed to Nama to keep the McNamara site in public ownership as it could act as a "buffer zone" to the Special Protection Area.

Ashlinn O'Buachalla of Jones Lang LaSale, who handled the sale, said that interested callers were told that there were no development prospects for the site other than for amenity facilities. The agency's brochure said that the uses permitted under the zoning included sports facilities, clubhouse, municipal golf course, public-service installation, community use and cultural use.

The brochure also suggested that uses open for consideration include a craft shop, crèche, cultural/recreational building and tea rooms.