An Irish property developer, Shelbourne Development, has paid almost £9 million (€11.43 million) for the former Irish Press headquarters at Burgh Quay, Dublin 2. The property, sold by The Irish Times through Hamilton Osborne King, will be refurbished and extended to provide 48,582 sq ft of offices and a basement car-park.

The company expects the refurbished building will be ready for letting by July of next year. Shelbourne Development, owned by Dublin-born Mr Garrett Kelleher, has property interests in Chicago and France as well as in Dublin and Limerick. It is involved in a £60 million joint venture with Morrisson Developments to build a hotel and retail property at the junction of Parnell Street and Moore Street in Dublin.