Ryanair's attempt to cash in on the Dublin property boom has failed with the decision not to proceed with the sale of an office block beside the Phoenix Park, at Conyngham Road, Dublin 8. DTZ Sherry FitzGerald were the agents. The airline had expected to secure in excess of £10 million for the 36,000 sq ft building but when bids failed to come anywhere near that level, the block was withdrawn from the market. The company bought the block, Phoenix House, about four years ago for £2.2 million after it had been vacated by Sullivan Bluth. It has since been let on 25-year leases to Ryanair and the Office of Public Works at a combined rent of £531,000. The OPW can opt out of the lease in the year 2009, while Ryanair has a break option in 2011.