ZONED land bought for €21m in 2004, at the height of the boom when Munster developer John Barry of Castlelands Construction was building up to 700 houses a year, has eventually come back to market for just 7% of that peak value, €1.5 million.

A rising development tide, a housing shortage, plus the Government’s 2040 National Planning Framework, may aid the planned sale by Nama and receivers of a pivotal Cork docklands site.

Nama decided to proceed with appointing receivers over assets of various Treasury Holdings companies without telling the developer, which was in advanced negotiations with investors, the High Court has heard.