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.