Developers fail to stop receiver selling €60m quayside site

The property, comprising two sites, is situated at City Quay/Moss Street/Gloucester Street area.

Mr Justice Twomey, in his judgment today, concluded that an injunction preventing the receiver from selling the site should not be granted. File picture: iStock

The High Court has refused an injunction to developers Pat Ryan and Phil Monahan preventing a receiver selling a commercial property at Dublin's City Quay worth an estimated €60m.

Mr Justice Michael Twomey said there was a lack of sufficient evidence for Mr Ryan's claim the sale by the receiver might lead to a lesser price for the property than if sold by him and the partnerships which bought it with a €17m Anglo Irish Bank mortgage in 2003.