Plans by Irish Intercontinental Bank (IIB) to set up a new headquarters in a large building planned for the Grand Canal Dock in Dublin will not now be realised. Developer Bernard McNamara has decided not to conclude any sales or pre-lets until planning permission is obtained for the scheme on the former IAWS site. Last May, the bank announced its intention to pay £60 million for 100,000 sq ft of offices in the proposed block on Barrow Street and to take an option on a further 40,000 sq ft. However, Mr McNamara says that negotiations "have fallen foul of the current property boom with values in this prime location increasingly daily." He estimates that the value of the space targeted by IIB is now closer to £70 million.

Two listed flour mills, acquired last year from IAWS for £8.8 million, are to be converted into apartments. More than 60 residential units will be available in the mills and in a new waterfront block.