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Property developer doubles bid for Jurys Doyle Ballsbridge

26 July 2005

Property developer Sean Dunne has bid nearly twice the asking price for the Jurys Doyle Ballsbridge site in Dublin.

The price tag of €280m (£193m) for the 4.85 acre site sets a new record for Irish land prices. But experts are now questioning whether a profit will be possible once demolition, re-building and planning has all been covered.

There has been much interest in this prime Dublin site. It is believed that during the tender process at least two other leading property developers bid more than €260m (£180m) for the site, while there were also two further bids between €240 (£166m) - €260 (£180m).

The guide price for the site was originally set at €150m (£104m) by CBRE Gunne which is handling the sale.

Precinct Investments, whose third bid for the hotel group now stands at €16.50 (£11.40) per share or around €200m (£138m) for the site, said it would continue with its bid despite the other tenders.

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