A SITE of about three acres at Church Road in Killiney, Co Dublin, assembled at the height of the property market for close to €20 million, has been sold off at a knockdown price on the instructions of KPMG receiver Kieran Wallace.

The original plan was to build a high density development on the overall site.

Jonathan Preston of Savills is believed to have secured close to the asking price of €420,000 for each of two derelict houses and an adjoining site of 0.3 of a hectare. The two houses are likely to be restored and enlarged. A fourth element of the site, a five-bedroom detached bungalow at 29 Watson Road, is now for sale through Savills at €450,000. Preston said the sales illustrated that there was a demand for individual sites for family homes in the Killiney area.