Over €11 million generated from sales of apartments in the refurbished Priory Hall development will be paid to financial institutions who wrote off mortgages for the original owner occupiers according to Dublin City Council.

It has confirmed that the net cost to the state will be an estimated €40 million following a two phase development which began in 2015.

Construction is due to be completed shortly with a total of 184 apartments rebuilt at the north Dublin complex now called New Priory.

Of these, 55 are being bought by the Department of Housing for social housing and 25 are being returned to the original buy to let investors who were given a moratorium on their mortgage repayments.

Another 50 units with outstanding mortgages will be sold for an estimated €11.37 million with the proceeds being paid back to the lending institutions.

The proceeds of the remaining 54 apartments, which is expected to raise €12.26 million, will be used to offset some of the €52 million cost.

In a statement a spokesperson for Dublin City Council said "Initially, it was estimated that the cost of addressing the fire safety issues would be in the region of €10m. Subsequently however, and on foot of more detailed investigations, it was agreed that total refurbishment of the entire complex would be required."

The rebuilding work was carried out by the city council and funded by the Department of Housing.

Owner occupiers at the complex had their mortgages written off and were given new loans to buy homes elsewhere under a deal brokered in 2014.

However, it was agreed at the time that the lenders could recoup their losses from subsequent sales of the apartments.

This deal came after residents were evacuated because of fire safety defects at the complex built by developer Tom McFeely.