THE property market is supposedly on the mend but one of Dublin's most prestigious sites is going on sale for 91pc less than its peak value.
The two-acre former UCD Veterinary College site in Ballsbridge, Dublin 4 is to be put on the market for around €15m – some €156.5m less than it sold for in 2005.
The 91pc fall in value would be the largest collapse to date for a site in Dublin city.
But it isn't far off the 88pc drop for the 25-acre former Irish Glass Bottle site in Ringsend, which was bought for €412m and is now thought to be worth about €50m.
Jones Lang LaSalle is handling the site sale of the land on the instructions of Paul McCann and Michael McAteer
of Grant Thornton, who were appointed receivers by Danske Bank.
Developer Ray Grehan bought the site in November, 2005 for what amounted to €84m an acre.
Another builder, Sean Dunne, bought the adjoining Jury's Berkeley Court site, with both men aiming to construct high-rise developments in the suburb.
In 2008, business tycoon Dermot Desmond slammed Mr Grehan's proposed office block for the vet site as nothing more than an “incongruous spike”.
The builder had planned to construct apartments, offices, retail units and a cultural centre on the land.
The scheme was to be named Number One Ballsbridge.
Mr Grehan was later declared bankrupt by the High Court in London after Glenkerrin Homes, run by him and his brother Danny, had debts of €650m transferred to NAMA.
The sale of the veterinary site is expected to attract considerable interest, given its knock-down asking price, and the process will be boosted by a Jones Lang LaSalle
The land comes with zoning for a mixed use residential and commercial scheme.
Overseas developers in particular are expected to express an interest in acquiring the site.
Permission has been granted already for 15,600sqm of offices, a total of 2,600sqm of retail and restaurant
space as well as 86 apartments.
In April 2011, NAMA appointed a receiver to the company and personal assets of Ray and Danny Grehan.
Michael McAteer and Paul McCann were appointed to oversee the debts and associated property
When Ray Grehan paid €171.5m for
the veterinary site in 2005, it was the most expensive site per acre in the country at the time.