Just as nearly everyone begins to talk the property market down, along comes one of the great surprises of the year. A hidden away site of .37 of an acre at City Quay opposite the IFSC has just been sold for a shade less than £6.9 million. The price works out at - would you believe it - £18.5 million per acre, and it doesn't even have tax breaks.

The site, which was owned by a family trust, has been used as a surface car-park in recent years, and is most likely to be developed for offices. It was bought by Alanis, the property vehicle run by Brian and Niall McCormack, who have been big players in the IFSC over the years.

Alanis is supported by a number of well-heeled business people who are constantly looking for a bit of action in the real estate market.

Oddly enough, another site a short distance away in City Quay sold earlier this year, also at a record price. This site, covering .46 acres and used for many years as a bus depot, was sold for £8 million, equating to an incredible £17 million per acre.

The cynics were quick to claim that it was mad money, but with the continuing demand for offices in the city centre, and several pockets more in this rundown area still up for grabs, expect to see a few more spectacular sales.