The half-acre site on the Dublin city quays which last week made £8 million at auction was bought 11 years ago for £200,000. The price took the market by surprise and raised questions about whether this level of price inflation is sustainable. The beneficiaries of the sale are three brothers, Matty, Paddy and Thomas Kavanagh, of Urlingford, Co Kilkenny, who are shareholders in Eirebus, along with managing director Jimmy Kelly. The site was bought by a consortium led by the former Cavan County Manager, Dave Mackey. Mr Mackey was until recently a personal assistant to leading businessman Sean Quinn.

Although there is outline planning permission for a five-storey apartment block on the site, James Meagher of DTZ Sherry FitzGerald said planning permission could be secured for at least 60,000 sq ft of offices. The current rents of £25 to £30 per sq ft would make the venture viable.