THE Dublin housebuilders, Shannon Homes, yesterday paid £5.6 million at auction for a large apartment development site at St Helen's, Booterstown, on Stillorgan Road, Co Dublin.

Berland, owners of the 13.69 acre site, had been hoping to secure up to £9 million for the property which was sold following the resolution of a long running dispute in the company.

Bidding at the Gunne auction opened at £4 million and, apart from Shannon Homes, the other bidders included Cosgrave Homes and Ballymore Properties. Ross McParland was the joint selling agent.

The lower than expected price achieved for the site is being attributed to the fact that An Bord Pleanala still has to decide how many apartments will be permitted. Berland originally sought permission for 321 homes but when it got approval for only 261 it lodged an appeal.