Two property developers are suing a building firm over a €19m deal for the sale of lands in Dublin, secured on a deposit of €100.

John Burke and Sean Flanagan of Summerhill in Co Meath are taking the action against McGinley Construction, of The Hollands in Lifford, Co Donegal.

Justice Peter Kelly described the contract as ‘extraordinary.’

Mr Burke and Mr Flanagan claim they agreed a written contract in November 2006 to sell lands at East Wall to McGinley's for €19m.

They say McGinley's paid €100 as a deposit and that the sale was to be completed and the balance paid by 31 May, but the defendant failed to complete the purchase.

The two property developers say they understood McGinley's had entered into the contract, with the intention of developing the lands commercially.

The men say they sought revised planning permission with increased density but this was refused.

McGinley's said this refusal presented them with a problem and the parties had been unable to resolve the issue.

Mr Justice Kelly transferred the proceedings to the Commercial Court list.