Development: A developer has paid just over €4 million for a retail/apartment development site at the junction of Drury Street and Fade Street in Dublin 2.

An accountancy firm which owns the redundant two-storey office building on the site had secured planning permission for a five-storey over basement block with a total floor area of 1,755 sq m (18,890 sq ft).

It is thought likely that the purchaser will seek a change of use to about 20 apartments as well as retail on the ground floor because of the better return available and the fact that the office market is in recession.

DTZ Sherry FitzGerald handled the sale.