A Dublin 4 commercial building valued at €27 million about 12 months before the property crash has changed hands for just over €3 million. A UK buyer has emerged as the new owner of the former Cablelink/NTL complex at Pembroke Place in Ballsbridge which stands on a 0.4-acre site beside the Herbert Park Hotel.

The 1980 building extends to 1,430 sq m (15,400 sq ft) and is in need of substantial refurbishment after being vacant for a considerable period. It would be no surprise if the new owners decide to redevelop the site for offices or apartments.

The receiver for the Pembroke Place property, Martin Ferris of Ferris & Co, is acting for the former ACC Bank which provided loans of about €16 million to developer Paddy Kelly and his three adult children for this particular investment.