Property investor in €52m deal

A property investment company has secured a €52.25m deal to buy the Observatory Building in Dublin city centre from Nama.

The property on Sir Roger Johnson’s Quay in the Dublin docklands includes 86,213sq ft of office accommodation, eight partially completed two-bedroom apartments, and two vacant retail units.

The development, built in 2006 by Bernard McNamara and Derek Quinlan, was being sold by Nama as part of the Redwood portfolio put on the market in April.