A former Fruit of the Loom plant in Milford, Co Donegal has been bought by two Dublin-based businessmen for an estimated €3 million.

Mr Barry Condron and Mr Aidan Farrell have reached agreement with Fruit of the Loom to purchase the building and adjoining lands. Although neither party would disclose the sale price, local sources believe that it was in the region of €3 million. A spokeswoman for Fruit of the Loom also confirmed the plant had been sold, but declined to give any further details.

Mr Condron, a former regional manager with the IDA in Donegal, said that the two men had set up a property investment company. He also said they would be working to bring engineering, healthcare and companies in the international services sector to the area.

"We see the property as an excellent long-term investment. Aidan and I have strong connections with the county, we're here for the long haul. We're also actively looking at other ventures and we see good investment opportunities in Donegal," Mr Condron said.

He also said that the factory is in an excellent state of repair and is very versatile so that it can be adapted for a wide range of industries. "We will maintain it to a high specification and also improve the facility as part of our extensive marketing campaign."

Mr Condron was the regional manager with the IDA in Donegal from 1986 to 1989 before his promotion to the post of area director for Cork.

In 1997, he joined Bank of America in Dublin as head of business development for two years. He recently worked as a director of private client business with Goodbody Stockbrokers before leaving the firm in May.

Mr Farrell is well-known in the IT sector and was a co-founder of the Reflex Group. He was also chairman and co-founder of Xpert Technology and sold his controlling interest more than two years ago. Both men have homes in the popular resort of Rathmullan.

The property was sold through Derry-based estate agent, Mr Pat Andrews.