Northern Ireland developer Gerard O'Hare, has emerged as the purchaser of a commercial site of 19,000 sq ft at the junction of High Street and Exchange Street in Waterford. He paid a record £2.125 million at an auction conducted by Des Purcell on behalf of Eircom plc. The new owner is expected to demolish a two and three-storey exchange building occupying part of the site. The new scheme is likely to have retail on the ground floor and either or offices or apartments overhead.

Mr O'Hare has been particularly active in the southeast in recent years. His acquisitions include the old Darrers Stores at Barronstrand Street, which was refurbished and let to Argos and McDonalds. He is also planning to build a new shopping centre on a 10-acre former cattle market site in Carlow.